Rental housing investor Greystar has acquired UK third-party living and mixed-use operator Native Communities for an unspecified sum.
Greystar said it has acquired Native Communities from Ares Real Estate funds, founder Guy Nixon and management shareholders. Native Communities operates a national portfolio of 37 residential and mixed-use assets, representing more than 9,000 homes across England, Scotland and Wales.
Once the transaction completes, the operations of Native Communities will merge with the third-party property management business of Greystar, complementing its existing UK platform, which currently manages approximately 44,000 purpose-built student housing beds and build-to-rent homes.
The acquisition follows the recent addition of Dublin-based MD Property & Living, which established Greystar’s third-party property management presence in Ireland, Greystar said.
Mark Allnutt, executive director – Europe, Greystar, said: “The acquisition of Native Communities marks an important step in expanding our third-party property management business across Europe. It strengthens our operating depth and enhances our ability to support clients as their portfolios grow across markets and sectors.”
Bobby Faith, managing director, third-party property management, Europe, Greystar, said: “Native Communities has built a highly regarded third-party property management business with strong client relationships and a talented team, and we are excited to bring our organisations together.
“This transaction accelerates a strategy already underway at Greystar, allowing us to scale third-party property management in a deliberate and disciplined way.
Guy Nixon, CEO, Native Communities, said: “Native’s success over the past 20 years has been built on a strong focus on execution, service quality and long-term client relationships.
“Joining Greystar combines those strengths with a global rental housing platform with the scale, experience and infrastructure to strengthen the support we offer to our clients across the UK and Europe.”
John Ruane, partner and co-head of European Real Estate at Ares, said: “For the last ten years, we have supported Guy and his team with the expansion of Native’s portfolio from 5 assets to 37 today, representing the addition of 9,000 high-quality homes.
“We are proud to have been a part of Native’s growth journey, providing our insights and resources to help the business fulfil its potential, and wish the team well in this exciting new chapter.”
To read the latest IPE Real Assets magazine click here.
