Amro to double UK BTR portfolio to £2bn
Amro Partners plans to double its UK build-to-rent portfolio to £2bn GDV in the next four years, investing £200m to acquire sites in London, Manchester and Birmingham.
The investor aims to branch out of London for the first time and is looking at brownfield sites or those that can be repositioned, capable of providing between 200 and 1,000 BTR homes. Amro wants to acquire urban sites close to city centres and transport links, ranging in value from £5m to £50m.
The company currently has a portfolio of £1bn, including sites in Croydon, Sutton (pictured), Ealing, Ilford and Kingston.
Amro Partners plans to double its UK build-to-rent portfolio to £2bn GDV in the next four years, investing £200m to acquire sites in London, Manchester and Birmingham.
The investor aims to branch out of London for the first time and is looking at brownfield sites or those that can be repositioned, capable of providing between 200 and 1,000 BTR homes. Amro wants to acquire urban sites close to city centres and transport links, ranging in value from £5m to £50m.
The company currently has a portfolio of £1bn, including sites in Croydon, Sutton (pictured), Ealing, Ilford and Kingston.
Amro managing director for UK investment Tom Donnachie said: “The majority of [the portfolio growth] will be by acquiring sites either unconsented or consented on a conditional basis, with or without planning permission, and developing them and ultimately operating them.
“We are focused on London, Manchester and Birmingham, tapping into those markets with really compelling tenant demographics that are institutionally acceptable. We want to use that experience and expertise that we’ve learned in London and roll out into the regions.”
Most of Amro’s acquisitions will be brownfield sites. Donnachie said repositioning opportunities are “few and far between” but that the company is keen to identify them.
He added: “We really like repositioning/transitioning developments because repositions could be taking an office building and turning it into residential but repositioning can also be taking first-generation student or BTR buildings and redeveloping them.”
In a parallel growth strategy, Amro is planning to lift its Europe portfolio from €300m (£264m) to €2bn in the same four-year period.
Donnachie said: “Because the European sector has evolved slightly more, it will be bringing through development sites similar to the UK, but there is more opportunity [in Europe] to buy operational kit, so that will form a larger proportion to reaching €2bn. In the UK, it is more about development.
“We are twin-tracking two strategies with the same target.”
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Image © Amro
