Invesco Real Estate establishes £116m private rented sector JV
Invesco Real Estate has formed a partnership with PLATFORM_, a developer and specialist operator of private rented housing, for the management of a portfolio of 580 private rented sector units in five cities across the South-East and South-West of England.
The non-exclusive partnership between IRE and PLATFORM_ has invested £116 million ($145 million) into the U.K.’s PRS sector. Both parties recognized the need and aims to deliver large scale, long-term institutional investment in the sector in order to boost the supply of new rental accommodation and provide institutional-quality product to the market.
“This partnership marks a new milestone for our business,” says Jean-Marc Vandevivere, CEO of PLATFORM_, in a statement. “We intend to build on this first portfolio deal to continue our expansion, as we seek to become Britain’s leading build to rent brand, combining thoughtful design with professional management and a tech-savvy approach to the customer experience.”
John German, senior director – residential investments at Invesco Real Estate, adds, “This investment for our large-scale U.K. PRS program aims to provide long-term income returns for our investors. A fundamental part of our program is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an onsite property manager. We are therefore pleased to be working with PLATFORM_ on this first portfolio, and potentially other exciting opportunities for our growing and diverse portfolio.”
PLATFORM_ built up the 580-home portfolio by taking advantage of relaxed planning rules on converting old office space into new housing, targeting central locations in key commuter towns and employment hubs across the country.
All five sites within the portfolio are operational and will continue to be managed under the PLATFORM_ brand.