Goldman Sachs inks £150m family housing BTR deal
The merchant banking arm of Goldman Sachs has struck a deal to buy a portfolio of build-to-rent family housing across the North West of England for £150m.
The deal, agreed today, will see Goldman and Pitmore buy the 918-home Thistle portfolio from a joint venture between Gatehouse Bank and Sigma Capital Group. The portfolio comprises family housing across 15 sites, most of which are in Greater Manchester and Liverpool.
The deal is another step in Goldman’s build-out of its UK BTR footprint, which began in early 2019 when it provided debt funding to back Apache Capital Partners’ support of Moda Living’s development at 212-223 Broad Street in Birmingham.
The merchant banking arm of Goldman Sachs has struck a deal to buy a portfolio of build-to-rent family housing across the North West of England for £150m.
The deal, agreed today, will see Goldman and Pitmore buy the 918-home Thistle portfolio from a joint venture between Gatehouse Bank and Sigma Capital Group. The portfolio comprises family housing across 15 sites, most of which are in Greater Manchester and Liverpool.
The deal is another step in Goldman’s build-out of its UK BTR footprint, which began in early 2019 when it provided debt funding to back Apache Capital Partners’ support of Moda Living’s development at 212-223 Broad Street in Birmingham.
Gatehouse Bank chief executive Charles Haresnape said: “Thistle has not only been a highly performing investment throughout its hold period – it has also proved resilient during the Covid-19 pandemic, exhibiting defensive characteristics that are attractive in this market. As such, a strategic decision was made to exit Thistle and crystalise returns for the investors.”
Last year, Sigma Capital agreed a £316m initial investment in BTR housing with Sweden’s EQT, Hearthstone has just raised £97m in its second housing fund and a number of new entrants and developers are pitching rental housing to institutional funds.
Gatehouse was advised by PwC, CBRE and Dentons, while Goldman and Pitmore were advised by Savills, Herbert Smith Freehills and Jones Day.
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