Leeds-based sustainable developer Citu has sign a memorandum of understanding with the Urban Splash Residential Fund (USRF), and its Investment Adviser Sure Capital Partners, worth £200m.
The agreement covers 600 homes and includes an initial purchase of 52 Citu homes within the Climate Innovation District in Leeds and Kelham Central in Sheffield. It is the second partnership for USRF following a similar deal with regeneration company Urban Splash.
The deal is said to help Citu expand its reach while giving USRF the opportunity to offer sustainable living solutions to families across the county by adding single-family homes to its offering. Last year the fund acquired East Street Mills in Leeds.
Jonathan Wilson, managing director at Citu, said: “This partnership marks a significant step forward for Citu, and we are delighted to have found an aligned partner with the right expertise and ambitions to join us on this journey. Our growth strategy focuses on creating exceptional sustainable places with a variety of tenures, and we’re excited to introduce a rental offering to our developments both now and in the future, with a partner who shares our vision and responsibility. This collaboration enables us to move ahead with confidence, and we look forward to the next steps.”
Akeel Malik, partner at Sure Capital, said: “This deal connects capital with regeneration, allowing us to play a pivotal role in creating vibrant new neighbourhoods. Leeds and Sheffield are exciting, transformative cities where people want to live, work, and play, and we’re proud to help drive that change.
“Our mission is to cultivate a portfolio of design-led homes for renters – an approach that aligns perfectly with Citu. We have found the ideal product in their award-winning homes and communities.”
Tom Bloxham, also a partner at Sure, added: “Sure has investors ready to commit to design-led homes. It’s a concept that’s been proven with Urban Splash and now with Citu. I have long been an admirer of the regeneration work undertaken by Chris and Jonathan and team at Citu and was very pleased to see this deal close.
“This is another example of how Sure Capital is bringing UK and international institutional capital to work supporting the very best UK SME developers like Citu, Urban Splash and Javelin Block – with whom we completed a deal last year in Birmingham. This deal will both bring good returns to our investors and help fund much needed new sustainable homes and regeneration in UK regions.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber