Ashurst has advised Invesco Real Estate on its £73.8 million investment to forward-fund Aubrey Place, a purpose-built build to rent development in Milton Keynes’ Central Business District.
The project is being developed by Packaged Living, a developer and operator with an established track record delivering best-in-class BtR assets across the UK market, and is due for delivery in Q2 2022. The investment has been made on behalf of Invesco Real Estate’s UK Residential programme.
The BtR scheme is situated in a prime location within Milton Keynes’s central business and retail district, one of the fastest-growing and most productive regions in the UK, and is particularly centred around high-tech and service-based employment. Being located within the Oxford-Cambridge Innovation Corridor, Milton Keynes ranks as one of the top 10 cities in the UK for research and innovation.
Aubrey Place benefits from excellent public transport links, being closely connected to the national motorway system and only 10 minute walk from Milton Keynes Central rail station, which provides direct access to both London (35 minutes) and Birmingham (60 minutes). The incoming East West rail link between Oxford and Cambridge is set to further open up the area, easing pressure on local roads and attracting significant investment into the station and surrounding area.
The Ashurst team was led by partner Melanie Jordan (Picture), supported by partner Ben Patton and assisted by senior associates Charlie Reid and Matt Pearson, and associate Chloe Marshall.
Law Firms: Ashurst;
Clients: Invesco Real Estate;