Invesco Real Estate has created a joint venture with a UK residential manager.

The investment manager is partnering with Westrock’s PLATFORM_ brand and investing in 580 private-rented sector (PRS) units worth £116m (€137m).

The joint venture will manage units in Bracknell, Exeter, Bedford, Crawley and Stevenage.

John German, senior director of residential investments at Invesco, said the investment aims to provide long-term income returns.

“A fundamental part of our programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an on-site property manager.”

German said Invesco is continuing to see increasing appetite for UK PRS and that investment could meet the new criteria of infrastructure investment and provide several benefits.

Invesco made its PRS debut in 2014, buying 118 units on behalf of a UK local authority pension fund.