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Exclusive: PIC to buy Reading build-to-rent scheme for £210m
The Pension Insurance Corporation (PIC) is set to buy a build-to-rent scheme in Reading for around £210m, Inside Housing Living can reveal.
Exclusive: PIC to buy Reading build-to-rent scheme for £210m #UKhousingThe Pension Insurance Corporation (PIC) is set to buy a build-to-rent scheme in Reading for around £210m, Inside Housing Living can reveal #UKhousingThe insurer is under offer to buy the residential element of the Station Hill scheme from Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management.
The development comprises two apartment buildings named Ebb and Flow, with a total of 598 homes for private and affordable rent.
The homes include studios, one-bed and two-bed duplexes and three-bed flats for 1,650 residents.
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Station Hill has an on-site maintenance team, concierge, fitness studio and conference rooms, plus a dry cleaning and dog walking service.
The build-to-rent development is located on Friars Walk, a four-minute walk from Reading train station.
The scheme was completed in summer 2024 and was 75% let by the end of last year.
PIC and MGT have been approached for comment.
Significant development is underway in Reading town centre. Last month, McLaren Living was appointed to build Minster Quarter, a £250m regeneration scheme with 600 homes across a range of tenures.
Elsewhere, investment manager M&G announced plans to develop a £1bn urban build-to-rent portfolio with a Korean pension fund.
Last month, Inside Housing Living revealed that German investor Grand City Properties has bought a build-to-rent scheme in east London for around £90m.
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