Citra grows rental portfolio with 821-home deal

Citra Living has acquired 821 homes from Gatehouse Living Group for its growing portfolio of UK rental homes. The homes span nine schemes in Greater Manchester, Merseyside and the West Midlands. The deal sees Citra’s rental portfolio grow to more than 5,000 homes, more than 3,000 of which are delivered or occupied. Occupancy of the homes currently stands at 99%. All properties have EPC ratings of B or higher, putting them in the top 10% of UK homes for energy efficiency. The sale marks the second single-family rental portfolio to be exited by Gatehouse Living Group, and the second to be established by Gatehouse Living Group in partnership with Sigma Capital Group. Gatehouse Living Group has delivered or contracted more than 4,000 homes across a number of platforms. Under the terms of the deal, property and leasing management will continue to be undertaken by Ascend, which oversees over 10,000 homes nationwide. Andy Hutchinson, chief executive at Citra Living, said: “While our focus remains firmly on increasing the number of rental homes available, the secondary market for rental homes is developing and by taking an active role in it, we can ensure these homes don’t just remain in the private rental sector where they are needed but give their residents a landlord they know and can trust to deliver the service they need. “As we pass the 5,000-home milestone, it is important to appreciate how much our business has developed in just three years. We’ll continue to grow and evolve to ensure we keep our focus on helping more people live in the homes they want, where they want, and delivering a high-quality customer experience.” Paul Stockwell, group managing director at Gatehouse Living Group, said: “This portfolio, delivered in partnership with a leading sovereign wealth fund, is the second single-family rental platform exited by Gatehouse Living Group, establishing another benchmark transaction for the sector. “Over the past decade we have seen single-family rental become an increasingly important pillar of the UK’s housing mix, enabling the development of greater numbers of homes nationwide. We look forward to working with our capital partners on further opportunities to deliver and stabilise much-needed rental homes that truly provide residents with the quality and security of tenure they need.”