Alberta Investment Management Corporation (AIMCo) and Ridgeback have expanded their UK build-to-rent (BTR) partnership with the acquisition of the Mitre Yard in North West London.
The AIMCo-Ridgeback partnership has invested an unspecified sum to acquire the 241 apartment scheme with over 5,000sqft of commercial space in North Kensington from City & Docklands.
The latest acquisition brings the joint venture’s portfolio to over 3,300 apartments across 11 assets, with a gross development value of around £1bn (€1.2bn).
Rupert Wingfield, the head of European real estate at AIMCo, said: “AIMCo continues to have confidence in the UK BTR sector, and in particular we have sought to increase our exposure to the dynamic London market where the current viability challenges are continuing to constrain future supply.”
George Bossom, partner at Ridgeback, said: ”We are pleased to complete the acquisition of Mitre Yard, adding to our best-in-class UK BTR portfolio.
“The last few years have clearly demonstrated the strength of the BTR sector as we have continued to see demand for high quality rental homes increase and we are delighted to be continuing our long-term partnership with AIMCo.”
Gary Sacks, CEO at City & Docklands, said: “We are delighted to work with two such well-regarded blue-chip organisations, Ridgeback and AIMCo.
“It’s really fantastic that we have managed to attract institutional grade investment capital into this exciting West London regeneration area.”
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