L&Q puts Metra Living PRS arm up for sale for £1.2bn
London & Quadrant Housing Trust is seeking buyers for its private rented sector business, and is hoping to achieve a £1.2bn price target as it continues to focus on investment into existing and new social homes.
L&Q’s PRS homes are managed by its wholly owned subsidiary Metra Living. It manages a portfolio of 3,147 homes across 53 schemes in Greater London, the majority of which were built within the last 10 years.
The proposed sale will include the transfer of Metra Living’s existing operational platform and team.
London & Quadrant Housing Trust is seeking buyers for its private rented sector business, and is hoping to achieve a £1.2bn price target as it continues to focus on investment into existing and new social homes.
L&Q’s PRS homes are managed by its wholly owned subsidiary Metra Living. It manages a portfolio of 3,147 homes across 53 schemes in Greater London, the majority of which were built within the last 10 years.
The proposed sale will include the transfer of Metra Living’s existing operational platform and team.
Fiona Fletcher-Smith, group chief executive at L&Q, said: “We are proud to have built up a large and highly successful PRS business since entering the market in 2015.
“However, in recent years the social housing sector has faced economic volatility, policy shifts and funding uncertainties. In response, we have a clear strategy which is focused on simplifying our business, prioritising our core purpose as a social housing provider, and ensuring every L&Q resident has a safe and decent home with access to services they can rely on.
“The sale of Metra Living will support this drive, enabling us to invest even more in our existing homes and services, and support the delivery of our longer-term objectives to build more of the affordable homes this country so desperately needs. This sale represents an excellent investment opportunity for an investor seeking a large, stabilised PRS portfolio and operational platform in London.”
L&Q is one of the UK’s leading housing associations, owning and managing more than 105,000 homes. The sale of Metra Living is expected to generate additional funding which will be reinvested back into building and managing social homes.
BNP Paribas Real Estate has been appointed to advise on the sale.
