LRC bags BTR portfolio for £120m
LRC Group has acquired a five-asset built-to-rent portfolio for around £120m from a joint venture between Platform_ and Invesco Real Estate.
The assets, totalling 608 homes, are located in Exeter, Stevenage, Bedford, Bracknell and Crawley.
The BTR developments were built under permitted development rights in 2016-17 by Platform_, following which the portfolio was acquired by Invesco.
LRC Group has acquired a five-asset built-to-rent portfolio for around £120m from a joint venture between Platform_ and Invesco Real Estate.
The assets, totalling 608 homes, are located in Exeter, Stevenage, Bedford, Bracknell and Crawley.
The BTR developments were built under permitted development rights in 2016-17 by Platform_, following which the portfolio was acquired by Invesco.
The assets include amenities such as concierge services, gyms, terraces, bicycle storage, car parking and residents’ lounges.
The deal is the first portfolio of stabilised BTR assets to trade in the UK. The trade of stabilised BTR assets has taken off in the last few months as the sector has matured, including Grainger’s acquisition of the Astley in Manchester, and KKR and Goldman Sachs acquiring buildings in Quintain’s Wembley portfolio.
Several other assets, such as Greystar and Henderson Park’s Walthamstow and Croydon schemes, are also being marketed, alongside Moda and Apache Capital’s Angel Gardens site in Manchester.
Savills has predicted investment into operational BTR assets in the UK will exceed £20bn in the next decade.
Tom McFerran, director of fund management at Invesco Real Estate, said: “We are pleased to announce the successful sale of our residential portfolio, which we have actively developed as part of our strategic business plan. Invesco Real Estate has invested €1.2bn into the residential sector over the past two years, and this successful disposal underlines our commitment to creating premium housing and delivering value for our stakeholders. We will continue to pursue our objective of creating high-quality communities and exploring new growth opportunities.”
Jean-Marc Vandevivere, chief executive at Platform_, added: “This sale marks the successful conclusion of our joint venture with Invesco after 7.5 years. We are proud of the performance Platform_ has delivered over that period as jv partner, asset manager, and property manager.
“These sites were amongst the first institutional BTR assets to be developed in the UK, and the first nationally branded portfolio. At Platform_ we are continuing to expand our portfolio of ground-up BTR developments of scale in key urban centres across the UK, including the launch of our new scheme in Edinburgh earlier this month.”
Knight Frank advised Invesco.
Photo from Platform_
