Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), alongside Ridgeback Group, has acquired the private rented sector (PRS) business of London & Quadrant Housing Trust (L&Q), which trades as Metra Living, for a total enterprise value of £1.045 billion ($1.4 billion).
The transaction includes a portfolio of approximately 3,200 homes across Greater London, as well as its fully integrated operating platform, team and £300 million ($402 million) of external debt facilities.
Established in 2015, Metra Living has developed into a scaled, institutionally managed PRS platform focused on delivering high-quality rental housing. The portfolio is concentrated in supply-constrained London submarkets, supported by strong underlying rental demand and favorable long-term market fundamentals.
The acquisition is consistent with MSREI’s strategy of investing in high-quality residential platforms in lea
