Kennedy Wilson is acquiring a portfolio of 262 single-family homes from UK property developer Wavensmere Homes.
The portfolio, in the Midlands, consists of 131 homes currently under construction at Wavensmere Homes’ Friar Gate Goods Yard redevelopment in Derby city centre and 131 homes at the company’s Wolverhampton Canalside South site, where construction is about to begin.
Financial details were undisclosed.
Mike Pegler, president of Kennedy Wilson Europe, said: “Wavensmere Homes has garnered a strong reputation for urban regeneration and the delivery of major housing-led schemes within city centre and town locations. These homes will offer residents high quality, well-designed and sustainable rental housing in excellent locations within Derby and Wolverhampton.
“We are looking forward to construction progressing as we continue to grow our UK single-family housing platform.”
James Dickens, managing director of Wavensmere Homes, said: “We are thrilled to announce this significant deal, bringing institutional capital from a major global investor into regeneration sites that had long been derelict in the centres of Derby and Wolverhampton.
“We continue to see huge demand for eco-focused single-family housing that’s close to major centres of employment, retail and leisure, with extensive healthcare, public transport, and education provision.”
Dickens that added an additional 145 open market houses and apartments at Friar Gate, and a further 450 mixed-tenure homes at Canalside South, will become available in line with the firm’s build programmes.
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