A new Build To Rent scheme in London has received lavish praise from a local council.

Railpen, the investment manager for the Railways Pension Scheme, has entered into a £92m funding deal with property firms Revenue + Capital and Fifth Capital to develop 198 BTR apartments in Barking.

Railpen has acquired the land from Revenue + Capital with a 50-year lease to be granted to the Barking & Dagenham council upon practical completion in 2025.

Some 35 per cent of the flats will be deemed affordable.

There will also be green lease clauses, obligating the tenant to maintain sustainable responsibilities throughout the operation and occupation of the development. 

Julian Allport, Investment Manager at Railpen, says: “We are pleased to have agreed this deal with Fifth Capital for the development of Trocoll House. The BTR sector has been resilient throughout the pandemic, delivering strong investment returns. We look forward to being a long-term partner of Barking & Dagenham Council.”     

And Darren Rodwell, Leader of Barking & Dagenham Council, adds: “The investment being made by Railpen is hugely welcomed. The proposals will deliver new, secure and affordable housing stock for the borough and help regenerate Barking town centre. Barking & Dagenham is leading the way in London on building new housing stock and we look forward to working with Railpen in the future.”