AIMCo and Ridgeback acquire €334m U.K. BTR portfolio from Angelo Gordon

Alberta Investment Management Corporation (AIMCo), on behalf of certain of its clients, and Ridgeback Group have acquired a portfolio of U.K. build-to-rent (BTR) assets from Angelo Gordon for a price of £283 million (€334 million/$337 million).

The transaction, which nearly doubles the size of AIMCo and Ridgeback's U.K. BTR portfolio, places the joint venture among the largest U.K. BTR landlords, providing the opportunity to realize significant growth anticipated from this segment of the real estate market.

AIMCo and Ridgeback commenced their portfolio aggregation strategy in the second quarter of 2020 with the acquisition of five properties, totaling more than 1,650 apartments under construction in cities including Manchester, Birmingham, Leeds and Liverpool. With the addition of these most recently acquired properties, AIMCo's U.K. BTR portfolio now comprises 10 city center assets, with more than 3,100 units.

The five properties acquired from Angelo Gordon