May 27th, 2021
Amro has agreed a £90 million forward funding deal with Pension Insurance Corporation (PIC) to develop The Wiltern, Amro’s Art Deco-inspired flagship Build to Rent project in the heart of Ealing, West London.
The Wiltern, a 15-storey, 278 apartment building will deliver 35% affordable housing, comprising 65 Discounted Market Rent and 16 London Living Rent units, with the remaining 197 apartments available for private rent. Setting a new standard for the multifamily housing sector, The Wiltern is a Net Zero Carbon development designed to achieve 62% above Building Regulation Part L compliance upon completion in 2023, in line with Amro’s pledge to become a NZC developer by 2030.
Sitting alongside the Grade II listed Art Deco Hoover Building, close to Perivale Underground Station, the development will provide c.1,600 square feet of external amenity space and c.10,000 sq ft of internal amenity space for residents including co-working space, a fitness studio, pet spa, roof terraces, children’s play area and sports lounge.
PIC, the blue-chip institutional funding partner, has invested more than £11 billion in ESG-friendly investments throughout the UK, with a particular focus on creating jobs, helping the transition to a greener economy and balancing intergenerational equity.
Raj Kotecha, Co-Founder and Managing Director at Amro Partners, said: “We look forward to working collaboratively with PIC, a blue-chip institutional funding partner, and our appointed main contractor Henry Construction, to deliver this exceptional building. Sitting alongside the iconic Hoover Building, The Wiltern will draw on its Art Deco aesthetic to create a highly sustainable new landmark in a historic West London location with growing demand for high quality housing.”
Tracy Blackwell, CEO of Pension Insurance Corporation plc, said: “This is PIC’s second BTR investment and we are delighted to be working with Amro Partners on the development. These investments are important to us because they help back our pension payments decades into the future. They are becoming increasingly important to the country because they provide much-needed housing in areas with high demand and they help regenerate our cities.”
With a track record of residential living projects totalling £370m GDV, Amro is targeting delivery of 1,500 multifamily housing units across Greater London over the next five years to cater for the growing demand for purpose-built rental accommodation.
May 4th, 2021