Funding secured for Winvic PRS scheme

Winvic

December 05, 2019 – Winvic Construction has been confirmed as main contractor for a £57m build-to-rent development in Cardiff.

The 307-home scheme in Cardiff’s Capital Quarter has been developed by IM Properties for the private rented sector. It is set to stand 23 storeys high with shops at street level.

Grainger plc, the UK’s largest listed private landlord, has agreed to forward fund it and acquire it for approximately £57m on completion, which is expected in mid-2022.

IM Properties director Iain McArthur said: “This scheme will set a new benchmark for residential rental property in Cardiff and is the first of a number of high-quality PRS sites our in-house project team is delivering, working alongside our residential and strategic land operations to maximise our existing £1bn portfolio.”

Source:-  https://www.theconstructionindex.co.uk/news/view/funding-secured-for-winvic-prs-scheme

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