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
