Europa Capital and Addington Capital have sold a portfolio of 29 residential properties to UK property investor Mountview Estates.
Europa Capital and Addington said they have sold the Lancelot portfolio of residential properties predominantly in London and the South East for £10.6m (€12.3m). The properties comprise 17 houses and 12 flats all leased on regulated, assured and life tenancies.
The properties were acquired by the Europa Capital and Addington joint venture in October 2018 as part of the Project Merlin acquisition – a portfolio of mostly old housing stock in Greater London comprising 202 units for £55m.
Matthew Allen, principal at Addington Capital, said: “As a standalone regulated portfolio, Lancelot presented a relatively rare opportunity to acquire these kind of reversionary interests in bulk. The last of these statutory tenancies were created in 1989 and so there’s a dwindling supply.
”We ran a competitive process and Mountview, as a specialist buyer, is very familiar with the kind of stock and was a reliable counterparty. We have been actively managing the Merlin portfolio since the acquisition, looking for opportunities to re-package the properties and enhance value.”
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