Telford Homes has signed its fourth build to rent deal, announcing today that it has exchanged contracts on 112 homes in its New Garden Quarter, Stratford, for £53.7m.
The developer has sold the homes to Folio London, a subsidiary of its joint venture partner in the New Garden Quarter, Notting Hill Housing Group.
In total, Telford Homes and Notting Hill Housing Group are building 297 homes on the site. The £53.7m agreement is for the first phase of homes at the project.
The 5.5 acre development is expected to be completed in full by 2019.
The sale will involve an initial payment from Folio London, which will be followed by regular payments while the units are constructed, an arrangement known as forward-funding.
The forward funding deal means Telford Homes' joint venture will not need to take on any more debt to finance the New Garden Quarter project, saving on the costs.
Jon Di-Stefano, chief executive of Telford Homes, said: "We are delighted to announce our fourth significant build to rent transaction which underlines our commitment to this emerging sector and in this case further strengthens our relationship with Notting Hill Housing Group."
The housebuilder now has 483 build to rent units in the pipeline and will "continue to actively look for appropriate opportunities to increase this number in future", Di-Stefano said.