Savills Investment Management (Savills IM) has completed the acquisition of two forward-funded single-family residential sites in the Midlands, a part of England, both developed by Urban & Civic, for a total of approximately £50 million (€59 million/$64 million). Both were off-market transactions.
These are the first acquisitions in Savills IM’s build-to-rent (BTR) portfolio, following the acquisition of Pitmore, the U.K. development and BTR specialist, in August 2022, which signaled Savills IM’s plans to grow its U.K. residential and BTR platform.
The first site, at Houlton, Rugby, Warwickshire, totals 149 homes and is part of a broader masterplan to deliver 5,950 new homes alongside four new schools. Community will be at the heart of the scheme, which will be served by a range of shops and local amenities, all clustered within a series of local centers and a district center. There will also be 40 acres of green open space, as well as more than 700
