Forward funding agreed for residential skyscraper

A Birmingham residential developer has agreed a £200m forward funding partnership with Pension Insurance Corporation (PIC) to support a landmark project which features a 51-storey skyscraper.Court Collaboration’s One Eastside features 667 build-to-rent apartments near to the new HS2 station on Curzon Street.The scheme comprises two buildings, one of which will be more than 154m tall, with residential gardens and courtyard spaces, as well as a gym, cinema, and residents’ sky lounge.One Eastside is expected to create more than 300 jobs, with plans for the creation of a student academy.Anthony McCourt, chief executive of Court Collaboration, said: “This £200m investment by Pension Insurance Corporation confirms that confidence in the build-to-rent sector continues to grow in Birmingham. One Eastside will see Court Collaboration leading the way in the West Midlands build-to-rent market with this landmark development being the jewel in the crown of the city’s BTR offering.”This deal is another huge vote of confidence both in Court and in the city of Birmingham, which is riding high on the back of the achievement of the Commonwealth Games, proving that an SME like Court Collaboration, ably helped by financial partners such as Sir Tony Gallagher, can take on big challenges and deliver.”Birmingham moving forward can’t and won’t be stopped and the project team deserve real credit. They have realised this ambition and Court hopes this is the start of a wave of skyscraper living in our brilliant city.”A 46-month build programme is set to start on-site early in November and the contractor will be named shortly.Delphine Deasy, head of build-to-rent at PIC, added: “PIC is a significant and purposeful investor in the UK’s infrastructure and housing, and I am delighted that we have now acquired our fourth build-to-rent project, investing £200m into central Birmingham.”The 667 apartments development will have a positive effect on the local economy, including creating hundreds of new job opportunities and supporting the training of local students. At the same time, it will provide long-term, secure cashflows to back our policyholders’ pension payments in the decades ahead.”We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2023.”We look forward to continuing working in partnership with Court Collaboration, a highly experienced developer, on this best-in-class scheme.”Court Collaboration was advised by Stuart Eustace of CBRE and Natalie Harris of Pinsent Masons.