Shoosmiths advises HGP on JV in latest £145m build to rent deal

Shoosmiths has supported the Housing Growth Partnership (HGP) on a £145m joint venture with JRL Group to deliver Luton’s first institutional build to rent (BTR) scheme.

Experts from the law firm’s real estate, corporate and construction teams advised HGP on its plans with JRL Group to deliver the Castle Street development. The project will create 414 new homes across three buildings, alongside high-quality resident amenities including a rooftop lounge, co-working spaces, a gym, landscaped roof terraces and shared gardens.

HGP, the Lloyds-backed equity investor, is committing £28m of equity funding alongside JRL’s investment to help deliver the project. Construction is already underway, with completion targeted for December 2027. The scheme will bring professionally managed rental homes to Luton for the first time, supporting the town’s regeneration and boosting its rental market, which currently has no institutional purpose-built BTR in operation.

Colin Bennett, investment director at HGP, said:

“This joint venture with JRL marks an exciting milestone for HGP as we bring the first build to rent homes to Luton – a location with strong fundamentals and no existing institutional BTR stock. Shoosmiths’ support has been key in helping us deliver this new project, and we look forward to continuing our partnership as we unlock further opportunities.”

The deal is the latest joint venture Shoosmiths has supported HGP on, following its role advising on a £150m partnership with PLATFORM_ to deliver a 451-apartment build to rent scheme in Leeds, and a £120m joint venture with Watkin Jones to deliver a 397-bed purpose-built student accommodation scheme in Stratford, East London.

The law firm’s deal team was led by real estate partner Sheelagh Cooley, supported by experts across the firm including: Morgan Trigg and Leah Cairney (corporate), Dan Kennedy (tax), Christine Burrows (construction), Gillian Watson (real estate) and David Mathias (planning).

Sheelagh Cooley, partner and joint head of real estate finance at Shoosmiths, added:

“We’re thrilled to have supported HGP on this joint venture with JRL Group. It’s the latest in a series of transactions Shoosmiths’ real estate team has advised on. This landmark scheme will deliver Luton’s first institutional build to rent homes, meeting the demand for high-quality rental housing. It’s also a clear example of HGP’s commitment to backing ambitious living sector developments across the UK – a vision our team is proud to help realise.”