The assets will feature one-, two- and three-bedroom properties, located a one-minute walk away from Wembley Central Station, which connects to Central London in 35 minutes.
The development will be led by Sunbel Development Limited and is expected to be completed by 2019.
According to M&G, the deal takes M&G’s investment to more than £750 million and 2337 homes since 2013.
Alex Greaves, head of residential investment at M&G Real Estate, said: “This is our eighth funding deal in three years to finance much needed homes catering for a range of demographics. People want to live in high quality homes, near to public transport with great facilities and amenities and this is what we continue to provide.”
“We have had an overwhelming amount of enquiries for The Rehearsal Rooms, which is almost fully let, reflecting the call for professionally managed homes in well-connected areas across London.”
“This strong demand presents long-term growth potential and considerable diversification benefits for investors. M&G Real Estate has a substantial residential development pipeline which offers a major opportunity for institutional investors looking to capitalise on the UK residential sector.”