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A £155m funding deal for Belfast's first large scale private "build-to-rent" development has been agreed.

The Loft Lines scheme in the Titanic Quarter received planning permission for almost 800 homes in April.

On Monday, Legal and General Investment Management (LGIM) and Clanmil Housing Association signed a "forward funding" deal with the developers.

Forward funding means the investor funds construction and then takes control of the completed scheme.

Loft Lines will consist of 627 build-to-rent properties with an additional 151 affordable properties managed by the housing association.

Mike Powell, Head of BTR Transactions at LGIM Real Assets, said the deal represents "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," he added.

Managing Director at Lacuna Developments, Anthony Best, said the agreement was "another significant step forward for city centre living in Belfast."

The development is expected to take around three years and Mr Best said work would start very shortly.

Build-to-rent is a model where flats are built purely for private rent, with the building owned by a large investor.

Official figures suggest more than 15% of of households in Northern Ireland live in the private rental sector.

It is essentially a cottage industry dominated by thousands of individual landlords renting out a single property.