ICG Real Estate, the real estate division of ICG, today announced that it is funding the development of 249 new homes as part of the Brent Cross Town masterplan in North London. The build-to-rent (“BtR”) scheme is part of a joint venture between Related Argent and Invesco Real Estate, the global real estate investment manager, acting on behalf of a US separate account client.
The Brent Cross Town masterplan will create nearly 7,000 new homes, including 3 million sq ft of office space, a new high street and schools surrounded by 50 acres of parks and playing fields. It is being delivered in partnership between Related Argent and Barnet Council. Brent Cross Town is prioritising ESG and will be net zero by 2030 with 100% renewable electricity and a reduction in embodied carbon compared with standard practice. The scheme will aim to generate 27,000 new jobs and will target 20% local employment, of which 6% will be apprentices or trainees.
The start of construction of the BtR adds to the growing momentum at Brent Cross Town with five buildings underway which will be completed from the end of 2024. In total, close to 650 affordable, market sale and BtR homes are on-site along with 662 student rooms.
Jai Patel, Managing Director at ICG Real Estate, said:
Tom Goodall, Partner and Head of Residential at Related Argent, added:
The Brent Cross Town development has significant momentum behind it which is made possible by strong partnerships with companies such as Invesco Real Estate and ICG Real Estate. We are now on site with five buildings which includes BtR, affordable and market sale homes along with student rooms in partnership with Fusion Students. This comes off the back of one of the most successful residential sales launches in 2022 and the announcement that Sheffield Hallam University will open its first University outside of Yorkshire at Brent Cross Town. Our focus on creating sustainable and vibrant places is a shared vision with our partners.
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ICG provides flexible capital solutions to help businesses grow and expand. We are a global alternative asset manager with over 30 years of experience, managing $74.5 billion in assets and investing across the capital structure. We operate in four asset classes: Structured and Private Equity, Private Debt, Real Estate Assets and Credit. We develop long-term relationships with our business partners to create value for shareholders, customers, and employees, and we use our position of influence to serve the environment and society. We are committed to achieving net zero targets across our relevant businesses and investments by 2040.
About Related Argent
Related Argent brings together an extraordinary blend of complementary skills, access to global capital and unrivalled technical and delivery experience. The company delivers inclusive growth for all stakeholders by developing, owning and operating for the long-term. Argent, the respected developer with a track record in creating exemplar new pieces of UK cities including King’s Cross, joined forces in March 2015 with Related, the most prominent privately-owned real estate firm in the United States with over $60 billion in assets owned or under development including Hudson Yards on Manhattan’s West Side, as well as The Grand LA and Related Santa Clara in California.
The company has an £8bn UK development pipeline in London which includes the delivery of two major regeneration schemes featuring over 8,000 homes, over 3 million sq ft of office space, 50 acres of parks and playfields, as well as retail, leisure, student accommodation and schools, both highly accessible from new and improved public transport connections. It is currently working in a joint venture with Barnet Council on London’s 180-acre Brent Cross Town development, with the London Borough of Haringey for the Tottenham Hale redevelopment and its build-to-rent development in King’s Cross is currently under construction.
Related Argent’s vision is to be a great city builder – for people, planet, and prosperity and its purpose is to improve urban life for all, everyday. This means developing for the long term – astutely, sustainably and with a sense of social purpose. Related Argent is delivering the places, homes, workspace, public space, arts, culture, events and services that our UK cities and town centres need. www.argentllp.co.uk