Clients of Aberdeen Standard Investments are investing around £41m to acquire Clarendon Quarter, a 324-unit residential scheme near Leeds city centre, from Habitus Leeds. A spokesman said: " The deal marks the UK’s largest stabilised transaction, for institutional grade, purpose built accommodation and the first in Leeds "The scheme comprises the former St Michael's School (The Court) and a new build block (The Gardens). "The development provides studio, one, two and three bedroom units, including 262 apartments designated for key workers, let at a discount market rent. "This investment is a further endorsement for the city of Leeds, the largest city region economy outside London and the largest contributor to UK GDP in the Northern Powerhouse. "With a strong economy and significant employers, including the recent announcement to locate Channel’s 4’s HQ in the city, together with its highly skilled population, significant student retention from the many higher education institutions, the fundamentals are very strong for build to rent in Leeds." Ed Crockett, Head of UK Residential Investment, Aberdeen Standard Investments said: “We’re delighted to complete the purchase of this well designed and well managed scheme in a dynamic and growing market. "As the first purpose built rental scheme in Leeds it has a strong emphasis on operational design and displays all of the investment characteristics we target – affordability, accessibility and amenity. "The potential for rising unemployment is undoubtedly a challenge the sector will have to navigate and as a result our strategy has pivoted more towards the affordable end of the BTR market which shows strong risk adjusted performance as well as helping to meet the needs of the wider community. ” Mike Gorman, Head of CBRE’s Northern Development and Residential team, said; “This is an incredible result in the most uncertain times and demonstrates the resilience of the residential sector. "CBRE has sold £100m of build-to-rent stock into the Leeds market alone this year, signifying exciting times for the Northern residential market.” Adam Burney, Partner, Residential Capital Markets at Knight Frank said: “This transaction is a continued endorsement for the BTR sector, which shows outstanding resilience in the current climate, demonstrating the ongoing demand for institutional, residential assets. "Despite the ongoing market headwinds, occupancy and rent collection remained at high levels at Clarendon Quarter, throughout the acquisition process.” “The purchase is reflective of the appetite from investors for assets with proven strength of income and social benefits.” Editor’s note: first and foremost - and rarely have I written down these words with more sincerity - I hope this finds you well. Almost certainly you are here because you value the quality and the integrity of the journalism produced by The Yorkshire Post’s journalists - almost all of which live alongside you in Yorkshire, spending the wages they earn with Yorkshire businesses - who last year took this title to the industry watchdog’s Most Trusted Newspaper in Britain accolade. And that is why I must make an urgent request of you: as advertising revenue declines, your support becomes evermore crucial to the maintenance of the journalistic standards expected of The Yorkshire Post. If you can, safely, please buy a paper or take up a subscription. We want to continue to make you proud of Yorkshire’s National Newspaper but we are going to need your help. Postal subscription copies can be ordered by calling 0330 4030066 or by emailing subscriptions@jpimedia.co.uk. Vouchers, to be exchanged at retail sales outlets - our newsagents need you, too - can be subscribed to by contacting subscriptions on 0330 1235950 or by visiting www.localsubsplus.co.uk where you should select The Yorkshire Post from the list of titles available. If you want to help right now, download our tablet app from the App / Play Stores. Every contribution you make helps to provide this county with the best regional journalism in the country. Sincerely. Thank you. James Mitchinson Editor