Citra Living, a UK rental homes company owned by Lloyds Banking Group, has acquired over 800 homes from a Gatehouse Living and Sigma Capital fund.
Citra said it has bought the 821 homes across nine schemes in Greater Manchester, Merseyside and the West Midland, in a deal that expands its rental portfolio to over 5,000 homes in the UK, of which more than 3,000 are currently occupied.
Occupancy of the latest acquired homes – which were sold by the UK Private Rented Fund (UK PRS Fund) – currently stands at 99%.
Andy Hutchinson, CEO of Citra Living, said: “While our focus remains firmly on increasing the number of rental homes available, the secondary market for rental homes is developing and by taking an active role in it, we can ensure that these homes don’t just remain in the private rental sector where they are needed but give their residents a landlord they know and can trust to deliver the service they need.
“As we pass the 5,000-home milestone, it is important to appreciate how much our business has developed in just three years. We’ll continue to grow and evolve to ensure we keep our focus on helping more people live in the homes they want, where they want, and delivering a high-quality customer experience.”
The UK PRS Fund was launched in 2015 by Sigma with investment from a “leading sovereign wealth fund” and Gatehouse Bank.
Paul Stockwell, group managing director of Gatehouse Living Group, said: “This portfolio, delivered in partnership with a leading sovereign wealth fund, is the second single-family rental platform exited by Gatehouse Living Group, establishing another benchmark transaction for the sector.”
Graham Barnet, CEO of Sigma Capital, said “We’re really proud to have supported both parties on the sale and to be able to showcase the demand, resilience and opportunity that single-family build-to-rent housing can offer both investors and renters alike.”
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