Telford Homes has sold 156 homes to a London housing association for £66.75m.
The residential property developer has exchanged contracts for the sale of The Pavilions development in N1 to a subsidiary of L&Q.
The contract marks Telford’s first significant development sale in the private rented sector.
Jon Di-Stefano, Chief Executive at Telford Homes, said: "We are delighted to have concluded our first PRS (private rented sector) deal with a well-established PRS provider, who are already a valued partner to the group.
“The strong level of interest shown in The Pavilions by PRS investors confirms the potential of the PRS market anticipated at the time of our equity placing in November 2015.
“Telford Homes continues to benefit from an imbalance between demand and supply of homes in non-prime London and this transaction marks the start of a new aspect to the group's sales mix achieving de-risked forward sales with exceptional capital returns."
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