Royal London Asset Management has agreed to purchase the entire Bracknell Beeches site and development from Weston Homes, while also entering into a development agreement with Weston Homes to construct the project.
Bracknell Beeches will have 349 apartments of various sizes across seven buildings, with heights ranging from four to 16 storeys. The scheme is designed to offer a premium living experience, with amenities including a concierge, gymnasium, communal lounge/business suite, and communal outdoor terraces and gardens for tenants.
It is scheduled for completion in the second quarter of 2027.
Weston said that the deal represented “a significant milestone for both companies, signalling Weston Homes’ commitment to forging long-term partnerships with leading investment funds”.
As part of the deal, ProperTies Living – Royal London’s newly launched residential property management platform – will become the operational company managing the private rented sector (PRS) aspect of the development.
Bob Weston, chairman & chief executive of Weston Homes, said: “We are delighted to have secured our first major forward fund deal with Royal London Asset Management, one of the UK’s most respected investment managers. This project underscores our commitment to delivering exceptional developments that meet the evolving needs of modern living. We look forward to building a lasting partnership with Royal London and contributing to the future of Bracknell’s residential landscape.”
Mark Evans, head of property & commercial development at Royal London Asset Management, said: “This collaboration with Weston Homes on the Bracknell Beeches project aligns with our strategy to expand our portfolio in the residential sector, providing our investors with strong, sustainable rental income returns. We look forward to seeing this development take shape and contribute to the growth of Bracknell’s community.”
Royal London Asset Management has also purchased a second build-to-rent asset in the London commuter belt – a nine-storey apartment block on Herschel Street in Slough. Called Aspire, this one has 151 apartments in it and was completed by Mid Group in spring 2024.
Royal London says that it is targeting a portfolio of 8,000 BTR units.
Evans added: “We aim to generate long-term income for our pension customers by investing in future-proof, resilient assets across sectors. As the Build-to-Rent market strengthens and demand for high-quality homes in UK cities grows, now is the right time for us to enter the sector.
“The launch of our vertically integrated residential management business, ProperTies Living, is crucial to our movement into the residential sector. In keeping with our commitment to being a responsible investor, it will allow us to be closer to our occupiers, understanding their needs and ensuring that our product provides a high standard of living for generations to come.”
