Cording moves into UK private rented sector, buys specialist CapRes
Cording Real Estate Group is entering the UK private rented sector (PRS) with the acquisition of specialist CapRes.
The investment manager said the deal brought with it a strong pipeline of on and off-market opportunities.
Cording will acquire existing, fully let residential buildings and sites that will be developed out and managed as PRS accommodation.
John Partridge, chairman at Cording, said: “The private rented sector provides a compelling investment opportunity.
“Our combined experience and expertise in the PRS sector and the investment management industry will enable us to deliver good risk-adjusted returns for investors across a range of PRS strategies.”
CapRes founders Tim Holden and Charlie Miller will head Cording’s new PRS platform, joined by CapRes lettings expert Katy Jones.
Holden and Miller, who founded CapRes in 2009, were responsible for acquiring, developing and managing London & Stamford’s £350m London PRS portfolio.
Aviva Investors is a current client.
Holden will oversee the project delivery, property management and lettings team.
Before jointly founding CapRes, he was an executive director at Home Group and Places for People and has worked for Network Housing Group.
Miller, who will be responsible for sourcing PRS opportunities, is working with Aviva Investors on urban regeneration schemes.
The forthcoming Nov/Dec edition of IPE Real Estate will feature a special focus on the UK’s private rented sector