Savills Investment Management has expanded its UK residential portfolio with the acquisition of two assets.

The international real estate investment manager said it had completed the acquisition of the two forward-funded single-family residential sites in the Midlands for £50m (€58.4m).

The sites, developed by Urban & Civic, comprise 149 homes at Houlton, Rugby and 49 homes at Alconbury Weald in Cambridgeshire.

The deal marks Savills IM’s first acquisitions for its build-to-rent portfolio, following the acquisition of UK developer Pitmore last year.

Savills IM acquired the UK residential developer in August 2022 to bolster its resources and expertise in the residential space.

Jon Crossfield, head of living at Savills IM, said: “The schemes at Rugby and Alconbury will form a high-quality core of our build-to-rent portfolio, with strong demand fundamentals, providing resilience against market downturns due to the defensive nature of the sector.

“The fact that both transactions were sourced off-market further illustrates our team’s in-depth knowledge of the sector, especially with the addition of the Pitmore team, who have brought a wealth of experience and a high-quality client base.”

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