£200m forward funding agreed for One Eastside BTR

PIC agrees £200m forward funding for Court Collaboration’s One Eastside Build to Rent scheme - Midlands’ first official skyscraper.

One Eastside Build to Rent development in Birmingham - PIC | Court Collaboration | BTR News
CGI: Located adjacent to the HS2 Curzon Street Station, One Eastside will comprise 667 Build to Rent apartments across two towers, 16 and 51 storeys high.

Specialist insurer of defined benefit pension funds – Pension Insurance Corporation plc (PIC) – agrees a £200m forward funding deal with Court Collaboration for its One Eastside Build to Rent scheme. PIC was advised by Addleshaw Goddard, HAALO, Savills and WSP, and Court Collaboration were advised by CBRE and Pinsent Masons.

One Eastside is located adjacent to the Curzon Street HS2 station, which is currently under construction. The new scheme comprises two buildings – 16 and 51 storeys. Standing at 154 meters tall, the 51-storey One Eastside will be the tallest Build to Rent tower outside of London – and will be Midlands’ first official skyscraper.

“I’ve said for some time now that this is a golden decade of opportunity for Birmingham and this agreement is the latest major boost to our growing reputation as a city that is, quite literally, on the up. At 51 storeys high, this will be the region’s tallest Build to Rent structure and huge credit must go to our home-grown SME, Court Collaboration, for attracting high calibre investors and partners like PIC and Sir Tony Gallagher to the city. Birmingham is a bold and exciting international city and I look forward to seeing this exciting project take its place on our constantly evolving skyline.”

Councillor Ian Ward, Birmingham City Council Leader

Approved in April 2021, the £200m investment will finance the construction of 667 Build to Rent apartments in central Birmingham on an existing brownfield site. A 46-month build programme is set to start on site early in November 2022 and the contractor will be announced imminently.

“This £200m investment by Pension Insurance Corporation confirms that confidence in the Build to Rent sector continues to grow in Birmingham. One Eastside will see Court Collaboration leading the way in the West Midlands Build to Rent market with this landmark development being the jewel in the crown of the city’s Build to Rent offering. Once completed, One Eastside will provide a new benchmark for quality.

“This deal is another huge vote of confidence both in Court and in the city of Birmingham, which is riding high on the back of the ‘Be Bold’ achievement of the Commonwealth Games, proving that an SME like Court Collaboration, ably helped by financial partners such as Sir Tony Gallagher, can take on big challenges and deliver. Birmingham moving forward can’t and won’t be stopped and the project team deserve real credit. They have realised this ambition and Court hopes this is the start of a wave of skyscraper living in our brilliant city.”

Anthony McCourt, Founder and CEO, Court Collaboration

One Eastside will feature over 23,000 sq ft of amenity space – including residential gardens and courtyard spaces, a gym, cinema, co-working space, pet spa and a sky lounge on the 51st floor boasting incredible views across the city. It is the first scheme coming out of Court Collaboration’s joint venture with Sir Tony Gallagher’s family office, where he is funding all schemes.

“As well as a huge inward investment win, One Eastside will provide a new benchmark for quality homes and offer residents the highest standards. Customer safety and sustainability is at the heart of what we do, and we can’t wait to start on site in the very near future.”

Alex Neale, MD, Court Collaboration

One Eastside will create over 300 new jobs, with plans for the creation of a student academy. This is intended to provide opportunity for hundreds of local students, including work placements and on-site course opportunities and experience, with the aim of improving their future employment prospects.

“PIC is a significant and purposeful investor in the UK’s infrastructure and housing, and I am delighted that we have now acquired our fourth Build to Rent project, investing £200m into central Birmingham. 

“The 667 apartments development will have a positive effect on the local economy, including creating hundreds of new job opportunities and supporting the training of local students. At the same time, it will provide long-term, secure cashflows to back our policyholders’ pension payments in the decades ahead. We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2023.

“We look forward to continuing working in partnership with Court Collaboration, a highly experienced developer, on this best-in-class scheme.”

Delphine Deasy, Head of Build to Rent, PIC