Patrizia has expanded its UK build-to-rent (BTR) homes portfolio with the acquisition of a development project in Reading.
The manager has invested an undisclosed sum to acquire the Olivers Place development from Berkeley Homes who will deliver the project.
Olivers Place is a collection of 281 BTR properties comprising a mix of one, two and three-bedroom apartments.
Antonio Marin-Bataller, director, pan-European transactions at Patrizia, said: “Our investment in Olivers Place brings this high standard into our residential portfolio to provide an excellent asset, both for our tenants and our clients, that has the potential to deliver on our overall performance targets for investors.
“Not only does Reading represent a huge opportunity for high specification BTR accommodation as the economic capital of Thames Valley; but it is also a major hub for finance and technology firms, has a top 30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail.”
Berkeley Homes will deliver Olivers Place in four phases as part of its larger Huntley Wharf development on the banks of the River Kennet. The first residents are scheduled to move into Olivers Place in 2024, with the final phase set to complete in 2025.
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