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Sign in Sign up for a FREE subscriptionGatehouse Bank agrees sale of property portfolio to Goldman Sachs
Gatehouse Bank has announced the sale of its Thistle Build to Rent (BTR) property portfolio to Goldman Sachs Merchant Banking Division and Pitmore for about £150 million (€166 million/$204 million).
The deal, the largest transaction of its nature in the United Kingdom to date, comprises a portfolio of 918 units, predominantly two- and three-bedroom homes across northwest England.
Charles Haresnape, Gatehouse Bank’s CEO, said, “Thistle has not only been a highly performing investment throughout, it has also proved resilient during the COVID-19 pandemic, which is a key consideration in this market. As such, a strategic decision was made to exit Thistle and crystalize returns for the investors. The marketing process generated a high level of world-class institutional investor interest, and we are pleased to announce a deal has been finalized with Goldman Sachs.”
Thistle, a single-family home, private rental sector fund launched in 2014, is a joint venture