Patrizia has invested in a turn-key build-to-rent (BTR) development in Reading for an undisclosed sum, on behalf of its institutional clients.
Olivers Place is a collection of 281 BTR properties comprising a mix of one, two and three-bedroom apartments.
Situated on the River Kennet, opposite Chocolate Island, Olivers Place is located less than one kilometre from Reading town centre and the national railway station.
The homes have been acquired from housebuilder Berkeley Homes, who will deliver Olivers Place in four phases as part of its larger Huntley Wharf development on the banks of the River Kennet. The first residents are scheduled to move into Olivers Place in 2024, with the final phase set to complete in 2025.
“Our development partner in Berkeley Homes is renowned for its expertise in sustainable placemaking and its hallmark of quality when delivering new homes in the UK,” said Antonio Marin-Bataller, Director, Pan-European Transactions at Patrizia. “Our investment in Olivers Place brings this high standard into our residential portfolio to provide an excellent asset, both for our tenants and our clients, that has the potential to deliver on our overall performance targets for investors.”
“Not only does Reading represent a huge opportunity for high specification BTR accommodation as the economic capital of Thames Valley; but it is also a major hub for finance and technology firms, has a top 30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail,” Marin-Bataller added.
Patrizia said Reading is the economic capital of Thames Valley and will see the arrival of Crossrail in H1 2022, providing direct connections to the City of London.
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