ICG-Longbow and SDL Group launch BTR joint venture
ICG-Longbow and residential group SDL have launched a new joint venture targeting the build-to-rent (BTR) sector with plans to build more than 2,000 homes over the next three years.
Branded “Wise Living”, the initiative will acquire sites and develop detached and semi-detached housing for rent in the United Kingdom, aiming to “challenge existing standards in the private rental sector, create new communities and ultimately drive improved living standards for its tenants.”
Wise Living is in advanced talks to acquire a number of sites with work expected to begin in the coming months.
The launch of Wise Living comes on the back of the government’s pledge to tackle the U.K. housing crisis by building more new homes.
“More than 50 percent of demand for rental accommodation in the United Kingdom is from families who want or need more space than is available in a typical metropolitan apartment development,” said Martin Wheeler, co-head of ICG-Longbow. “Wise Living will deliver for this underserved demographic; building homes in locations with good access to transport links and amenities.”