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Welsh business Watkin Jones, a major developer and manager of residential property for rent, is working on the project with Northern Irish company Lacuna Developments.
The developers said the funding amounted to £155m of the wider £175m cost of the build to rent (BTR) scheme of 778 waterfront homes.
There will be 627 BTR units and 151 affordable homes. Under forward funding, the investor takes control of a development when it’s complete.
They described the Loft Lines as a “riverside community” on Queen’s Island which would appeal to a wide demographic including families and young professionals.
It will include lounges, sports and recreational spaces, gyms, flexible working space, private dining spaces, games rooms, cinema rooms and children’s play areas.
Alex Pease, chief investment officer at Watkin Jones, said: “We are delighted to have secured institutional investment from both L&G and Clanmil Housing Association for this landmark scheme in Belfast’s iconic Titanic Quarter.
“This is further evidence of the attractive investment and operational fundamentals of both BTR as a sector and Belfast as a city and a good sign of capital markets re-opening.”
Mike Powell, head of BTR transactions at LGIM Real Assets, said: “We are proud to be making the largest ever private sector investment into housing in Northern Ireland. A long-term investment that will allow for the continued regeneration of the Titanic Quarter and crucially support the growing housing demands of the city.”
Anthony Best, managing director at Lacuna Developments, said the funding was “another significant step forward for city centre living in Belfast”.
“For Lacuna to be involved in the first purpose-built student accommodation scheme in 2015 and now the first mixed tenure housing scheme in the city centre is very pleasing and shows our company’s commitment to Belfast our home city.”
Joe O’Neill, chief executive of Belfast Harbour, added: “The addition of build to rent and social/affordable residential with supporting commercial use and leisure activities will create an urban community on the water with the highest quality outdoor space and indoor accommodation.”
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