A UK private-rented sector venture backed by Delancey Oxford Residential (DOOR), APG and Qatari Diar, has acquired over 800 homes in the north west of England.
Get Living said it has forward purchase the homes at Middlewood Locks in Greater Manchester for an undisclosed sum.
The 25-acre Middlewood Locks development is being built by FairBriar International, a joint venture of Scarborough International Properties, Metro Holdings of Singapore and Hualing Group of China.
Middlewood Locks scheme will provide a total of 2,215 new homes, 900,000sqft of commercial space. The first phase of 275 homes will launch this year.
In 2016, Dutch pension fund asset manager APG teamed up with Qatari Diar and Delancey to set up the Get Living joint venture. Last year Oxford Properties teamed up with Delancey advised client fund DV4 to form DOOR and co-invested in Get Living.
The latest transaction takes the Get Living portfolio to around 3,000 operational homes by the end of 2019, and a secured pipeline of more than 4,000 units.
Rick de Blaby, an executive chairman of Get Living, said: “We’ve been impressed by Scarborough International Properties’ vision for Middlewood Locks and we’re pleased to be partnering with them in this next phase of our ambitious UK growth.”
Paul Brundage, a spokesperson for DOOR and an executive vice president and senior managing director for Europe and Asia Pacific at Oxford Properties, said: “We have significant capital available to grow the Get Living residential investment platform in London and the UK’s top five cities.
“This transaction demonstrates our commitment to the build-to-rent sector and the UK as a whole.”
Simon Marshall, joint CEO of Scarborough International Properties, said: “This is a tremendous boost to Middlewood Locks, not just in accelerating the delivery of the overall scheme, but also providing much needed housing to the local area and offering a balance of homes for sale and for rent.”