Heitman makes first foray into U.K. multifamily build-to-rent market
Heitman has acquired two sites in the United Kingdom and entered into an agreement to provide forward funding for two major residential developments in Manchester city center and Liverpool, in the Baltic Triangle.
It marks Heitman’s first foray into the U.K. multifamily build-to-rent market.
Heitman has partnered with Brickland, a residential developer based in Liverpool, to develop the sites and LIV Group, the leading build-to-rent operator and consultancy, to advise on the development and operate the assets upon completion.
“The purchase is consistent with our strategy of investing in undersupplied sectors, growing urban environments and amenity-rich schemes that also provide a sense of community,” said Tony Smedley, Heitman managing director and head of European private equity. “The living sectors exhibit an attractive combination of stability and growth with defensive qualities underpinned by their long-term secular and structural characteristics. We are actively growing our allocation to these investment themes across Europe.”
The development in Manchester will consist of two towers of 16 and 19 stories, featuring 363 one- and two-bedroom units along with duplex and townhouse apartments. And the nine-story development in Liverpool will consist of 200 residential units comprised of one-, two- and three-bedroom units.