Royal London enters UK build to rent sector

Royal London Asset Management Property has acquired 500 apartments in Bracknell and Slough, marking its first investment into the UK build-to-rent (BTR) sector.

Both assets will be managed by its newly launched residential property management platform, ProperTies Living.

As a vertically integrated structure, ProperTies Living will enable Royal London Asset Management Property, part of the UK’s largest mutual life, pensions and investment company, to maintain control of the operational assets.

Royal London Asset Management Property is targeting a portfolio of 8,000 BTR units focusing on the provision of “quality and affordable private rented homes” in underserved suburban and commuter markets in the UK’s largest cities, mid-sized regional towns and district centres. While initial investments have focused on apartment blocks, the strategy will also seek to deploy into family housing.

The acquisitions in Thames Valley, comprise a 349-apartment site in Bracknell and a 151-apartment building in Slough.

Aspire, a nine-storey apartment block in Herschel Street, Slough, was completed in spring 2024. Close to the high street and railway station, it features EPC ratings of B and above, with sustainable design elements including electric heating, air source heat pump hot water, LED lighting, and EV charging points.

Located close to the centre of Bracknell, The Beeches is a forward-funded development scheduled for completion in the second quarter of 2027. The devellopment is targeting EPC ratings of A and B, along with BREEAM Excellent certification. 

Mark Evans, head of property at Royal London Asset Management Property, said: “We aim to generate long-term income for our pension customers by investing in future-proof, resilient assets across sectors. As the BTR market strengthens and demand for high-quality homes in UK cities grows, now is the right time for us to enter the sector.

“The launch of our vertically integrated residential management business, ProperTies Living, is crucial to our movement into the residential sector. In keeping with our commitment to being a responsible investor, it will allow us to be closer to our occupiers, understanding their needs and ensuring that our product provides a high standard of living for generations to come.”

Tim Holden, director at ProperTies Living, said: “We launched ProperTies to provide a solid, secure and comfortable living space for a wide variety of people from young professionals to families across the country.

“With this vehicle, we can use our combined experience in the build to rent space to deliver developments that have the lifestyles of our tenants in mind. We look forward to working closely with our investment colleagues to advise on opportunities, engage with our residents and deliver the best possible service and amenities at future schemes.”

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