Boris unveils private rental tower

London mayor Boris Johnson yesterday named Essential Living and Mace as the preferred developers to build the UK’s tallest private rented residential tower. The companies have secured institutional backing from real estate investment firm M3 Capital Partners to build the 44-storey tower on the former site of the London Park Hotel in Elephant and Castle. Johnson said the deal marked a major milestone for investment in the fast-growing private rented sector: “We need to build more homes in London if we want to secure the capital’s economic future and the importance of institutional investors in making this happen cannot be ignored.”