22 February 2022

Forsters advises HG Living on a £80 million Build to Rent scheme in Milton Keynes

Forsters has advised specialist Build to Rent and student accommodation developer HG Living on a development and funding agreement in respect of a 306 unit residential scheme at Bowback House Milton Keynes.

Funding for the £80 million scheme will be provided by institutional investor Pension Insurance Corporation. The redevelopment of the brownfield site will employ around 750 people during construction. The scheme will use air source heat pumps for hot water and green electric for heating, with solar panels also helping towards net-zero efforts. It will target a 4* Homes Quality Mark, Wiredscore gold rating, and a minimum EPC rating of B.

Rob Greaves, Development Director of HG Living, said: “We are delighted to be working with Pension Insurance Corporation on this project, which will be delivered in the spirit of true partnership with PIC. HG Living and HG Construction have an enviable track record of delivering projects with certainty for our institutional funding partners and creating high quality, sustainable living spaces that will make a positive long-term contribution to local communities. The Build-to-Rent sector has an important role in addressing the current housing shortage and we are pleased to play our part in bringing urgently required homes to the market at scale and at speed.”

The scheme is due to complete in late 2024.

Commercial Real Estate Partner and Head of Student Accommodation, Ronan Ledwidge, led on this transaction assisted by Senior Construction Associates Polly Streather and Richard Spring.

Build to Rent

At Forsters we have a large and dynamic real estate team, with a deep knowledge and understanding of the lifecycle of the Build to Rent (BTR) product. Engaging lawyers who understand the market as well as the most effective ways to structure deals and avoid pitfalls, will secure the value of your development and investment.

A picture of a modern residential building

Our Insights

"Provides a high level of expertise and delivers a very professional service"
The Legal 500, 2020