Invesco's forward funding deal means that construction of the first phase, a 17-storey building, will now start before the end of 2019.
The development, called Holloway Head, is being built on a site between Blucher Street, Gough Street and Ellis Street in Birmingham that is currently a car park and a Girl Guides headquarters. It will ultimately have 484 flats for the private rented sector, according to plans.
Invesco Real Estate managing director of residential investments John German said: 鈥淏irmingham is our third major UK regional city of investment following our commitments in Liverpool and Manchester. Adding Birmingham to our growing portfolio is a great next step due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook. Holloway Head marks the 12th asset in our UK Residential Fund, bringing our assets under management to around 拢580m and approximately 2,279 units across the UK.鈥�
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