Terrace Hill Group has sold a UK residential portfolio to Akelius, a Swedish property group, for £75.35 million (€90.5 million). The portfolio was part of Terrace Hill Residential Plc, a 49 percent owned associate of Terrace Hill Group.

“This sale marks a significant step in our strategy of divesting the company’s residential portfolio in order to focus on our pipeline of development opportunities,” says Philip Leech, chief executive of Terrace Hill. “We have also received a good level of interest in our remaining residential assets and expect to make further sales during the course of the year.”