Edition Birmingham, a flagship luxury residential development, received £127.5 million in funding from Eldridge Real Estate Credit. Court Collaboration and Select Property confirmed the strategic investment, which marks one of the largest funding deals for a non-London residential project this year.
Previously, PGIM also backed the development. Now, Eldridge Real Estate Credit steps in to support the 581-apartment scheme located off Centenary Square in Birmingham. The luxury residential development includes one- and two-bedroom units spread across two towers, standing 46 and 15 storeys tall.
Midgard has been appointed as the contractor. Impressively, the development already secured over £87 million through off-plan sales. Phase one is set to complete by 2027.
Residents will enjoy premium, wellness-focused amenities. These include a modern gym, spa, sauna, hydro pool, plunge pool, and a 20-metre elevated swimming pool. Moreover, a sky lounge with private dining on the top floors enhances the upscale living experience.
Additionally, Edition features The Study – a co-working lounge – and a 14th-floor garden terrace for outdoor work. A 9,000 sq ft podium terrace connects both buildings and features a cinema and BBQ zone.
Eldridge Real Estate Credit has funded more than $10 billion in loans across the US, UK, and Europe. Their disciplined strategy focuses on long-term real estate opportunities. PGIM Real Estate, through its PRECap strategy, also contributes high-yield capital solutions to the Edition Birmingham project.
Court Collaboration CEO Alex Neale called this a strong vote of confidence. He emphasized that luxury residential development in Birmingham is gaining traction as the city attracts over £1 billion in central investment.
Select Property CEO Adam Price highlighted the increasing demand for high-end urban living. He noted strong interest from both investors and homeowners, underlining Edition’s uniqueness in the market.
Eldridge’s Global Head of Real Estate Credit, John Cole, praised the partners’ ability to deliver top-tier housing. With over 40% of the units sold, he believes Edition will thrive amid Birmingham’s urban growth.
Finally, Jesse Bostwick of PGIM Real Estate confirmed their excitement. He emphasized that PGIM’s flexible capital structure enables them to support transformative projects in promising city centers like Birmingham.
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News Source: Businesswire.com
