London property developer Avanton has launched a £500m fund to build new rental homes in the capital.
The company said the fund will be used to buy land in inner London boroughs and deliver 5,000 build-to-rent homes by 2023, in a vote of confidence in the city’s recovery after Covid.
It said that “despite the obvious challenges the property market has been extremely resilient and recovered rapidly last year after the lockdown”.
Avanton will target sites with land values of between £20m and £100m in areas including Islington, Southwark, Wandsworth, Wimbledon, Hammersmith, Lambeth, Camden and Brent.
Each development will provide between 300 to 1,000 homes.