ECE’s acquisition for the 324-unit Aston Place development in Birmingham has already completed. The deal will extend to Chapel Wharf and Leodis Square when construction on both schemes is finalised – due in 2020.

Dandara will continue to manage the developments following the acquisition under its Dandara Living brand. Its management portfolio consists of over 4,000 units across the UK.

The developer announced plans for its Birmingham, Leeds and Manchester developments in 2016 after securing backing from the Homes and Communities Agency and HSBC. Housing minister Gavin Barwell described the agreement as one of the largest private rental sector deals in the UK.

“Our extensive experience in development and operations sets us apart from many other major developers. Using our extensive in-house expertise we are bringing forward a number of high quality BTR schemes across the UK.

We are planning to expand our development footprint through both direct land acquisitions and partnerships, particularly in prime regional city centres as well as London and the South East. Our current pipeline includes around 2,500 units – 50 per cent of which already have planning consent – with an additional 2,000 BTR units under offer.”

ECE’s portfolio includes retail and commercial assets across Germany. The deal marks the investor’s first acquisition in the build-to-rent market. ECE plans to further expand its activities in this sector across other European countries.

It entered the British residential real estate market last year with its first project in London, a joint venture with Art-Invest Real Estate and Dukelease. The JV is developing a £190 million scheme featuring 88 apartments and 15 affordable housing units alongside 3,500 m² of retail space on Cleveland Street in London’s West End.

Dandara will continue to manage the developments following the acquisition under its Dandara Living brand. Its management portfolio consists of more than 4,000 units across the UK.

Dandara was advised by Rothschild and Knight Frank. JLL acted as consultant for ECE.