Packaged Living and Affinius Capital JV acquires BTR site

Packaged Living and Affinius Capital JV acquires a site in Central Milton Keynes to deliver 250 Built to Rent homes.

The Theatre multi-storey car park site in Milton Keynes, which has been purchased by a joint venture between Packaged Living and Affinius Capital | BTR News
The Theatre multi-storey car park site in Milton Keynes, which has been purchased by a joint venture between Packaged Living and Affinius Capital. Source: Google.

Build to Rent investor, developer and operator – Packaged Living – acquires a site in Central Milton Keynes as part of its joint venture with Affinius Capital, a global asset manager with experience in rental housing development and asset management. The 1.23-acre Theatre multi-storey car park site was acquired from Milton Keynes City Council and Milton Keynes Development Partnership (MKDP).

Packaged Living aims to submit a planning application in the coming months for a 250 home Build to Rent scheme. The site is the subject of a planning-led development brief adopted by the Council.

“This purchase is Packaged Living’s second scheme in Milton Keynes and follows The Almere, an award-winning development which completed in 2022. Milton Keynes is a dynamic expanding city which requires best in class homes to attract its growing professional workforce. We are delighted to acquire the site in partnership with Affinius Capital and look forward to working with MKDP and MKCC to create another exemplar building in the city.”

Ed Ellerington, Founder and Chief Executive, Packaged Living

The site is a ten minute walk from the city centre and mainline train station. The location will offer residents access to amenities, shopping, leisure and several local transport links. The site was selected as the local area has compelling market dynamics, with the economy experiencing rapid employment growth over the past decade.

By 2027, the population is expected to exceed 300,000, so Packaged Living’s proposed scheme will help meet the demand for homes in the local area. The site is also within the UK Innovation Corridor, and Milton Keynes has emerged as a major centre for research and development in the UK.

“We maintain our conviction towards the UK’s Build to Rent market, which remains underpinned by population growth, decreasing household size and a greater propensity to rent. We are delighted to acquire this site in Milton Keynes which is strategically located within the Oxford-Cambridge Arc, a region identified as being of global importance for innovation and business activity. We look forward to continuing to work with Packaged Living to deliver best-in-class Build to Rent assets in the UK.”

Karen Martinus, Director, Affinius Capital Europe

This is the second acquisition for Packaged Living and Affinius Capital’s joint venture, which was formed in November 2022 to pursue the acquisition, planning, construction, and operation of best-in-class Build to Rent assets in the UK.

The joint venture’s target is creating a diversified Build to Rent portfolio of several thousand units across the UK, which offers amenitised, sustainable and energy-efficient homes. It is expected that the portfolio will have an end value of c.£1bn when built out.