BauMont and Addington buy £99m East London resi portfolio
BauMont Real Estate Capital and its operating partner Addington Capital have bought a residential portfolio for £99m, from an undisclosed UK-based private investor.
The portfolio consists of 318 houses and flats, primarily leased to young professionals and families. Locations are in Walthamstow and surrounding areas including Leyton, Leytonstone, Barking and South Woodford.
It is the second time that BauMont and Addington have teamed up on a deal after the pair bought a portfolio of 182 flats for around £37m in 2019. The portfolio mainly comprised converted Victorian and Edwardian houses in Croydon, South London.
BauMont Real Estate Capital and its operating partner Addington Capital have bought a residential portfolio for £99m, from an undisclosed UK-based private investor.
The portfolio consists of 318 houses and flats, primarily leased to young professionals and families. Locations are in Walthamstow and surrounding areas including Leyton, Leytonstone, Barking and South Woodford.
It is the second time that BauMont and Addington have teamed up on a deal after the pair bought a portfolio of 182 flats for around £37m in 2019. The portfolio mainly comprised converted Victorian and Edwardian houses in Croydon, South London.
Addington’s sister company AddLiving, the residential management business, will provide property management services to the portfolio, with Addington Capital as asset manager.
The properties will be held for income and capital growth and refurbished to improve energy efficiency.
Harry Wentworth-Stanley of BauMont said: “Given its characteristics, the portfolio will be resilient and offer well-located, good quality and affordable homes in an undersupplied segment of the market.”
Matthew Allen, principal of Addington, said: “We are continuing to look for value-add opportunities in the Greater London residential markets, where we can achieve portfolio discounts and can invest to modernise and improve the living accommodation.
“We are primarily looking at typically older stock (Victorian or pre-war) in zones 3-6 and in emerging and gentrifying locations.”
“The Greater London market still offers strong fundamentals. The shortage of housing at affordable price points in London remained acute throughout the pandemic and is likely to become more severe as the capital recovers in 2022 and beyond.”
Montana Investments advised the purchaser.
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