Marrico and Helios Real Estate have acquired a build-to-rent (BTR) site in Leeds from Leeds City Council for an undisclosed price.
The site acquisition was financed by a loan from US-based real estate and asset management firm The Ardent Companies. The facility marks Ardent’s UK lending debut for its expanded debt platform.
The development, which is being built at Lisbon Street on the site of the city’s former international swimming pool, will provide 578 BTR units across two towers of 21 and 32 storeys. The on-site amenity provision will include a gym, residents lounge and communal areas.
The joint venture partners are currently on-site delivering the first phase of the wider mixed-use scheme, which will see 529 student beds delivered. Phase three will see a 188-room aparthotel built, with construction targeted to begin in 2025.
Mark Barnes, managing partner of Marrico, said: “We are delighted to have now purchased the site from Leeds City Council. With full planning consent in place, work will begin in 2025, allowing the Lisbon Street development to play an ever-greater role in bringing more investment and growth into the west of Leeds city centre.”
Sunny Lakhtaria, UK head of debt at The Ardent Companies, added: “This loan represents an expansion of our US debt platform and is a terrific milestone for the firm. The nature of this facility underlines our ability to move swiftly, enabling the acquisition of this prime site, with planning in place and, in Marrico and Helios, a highly experience development team ready to deliver this great BTR scheme.”
Square One provided legal advice to the JV. Addleshaw Goddard represented The Ardent Companies.
