Singapore-based The Land Managers (TLM) has become the cornerstone investor in Savills Investment Management’s newly launched UK build-to-rent (BTR) strategy.
Savills IM is seeking to raise £200m (€236m) to develop and forward-fund both residential assets with a focus on regeneration areas and master-planned schemes.
The new BTR platform was launched to coincide with Savills IM’s acquisition of UK residential developer Pitmore to bolster the firm’s resources and expertise in the residential space.
Alex Jeffrey, Savills IM’s chief executive, said: “Residential is a key part of our conviction that institutions will benefit from increasing exposure to the sector over the long-term.”
TLM’s investment is the second partnership with Savills IM. In October 2021, TLM invested in Savills IM’s retail park strategy to capitalise on the strong income-producing characteristics of the UK retail parks sector.
TLM is the real estate investment division of the JL Family Office (JLFO), which manages the private investments of Asia-Pacific real estate veteran John Lim.
Andy Lim, group CEO of JLFO and founder of TLM, said: “TLM’s strategy is to increase our exposure to defensive assets that benefit from long-term structural supply and demand dynamics.
“The build-to-rent residential sector in the UK is one such sector that we are very optimistic about.”
Lim, son of John Lim, said the investment was to further diversify his family’s real estate portfolio outside Asia-Pacific.
Describing Savills IM as “a trusted partner” with a proven depth and breadth of expertise in the UK real estate sector, Lim said TML looked for strong performance amid rental growth rise and burgeoning demand for quality rental properties in the UK.
Michael J Flynn, co-head client capital at Savills IM said: “We have now undertaken 4 funds with TLM (and shareholders) as seed investors over the last 8 years.
“We have seen that when we deliver value in markets which are difficult to access directly, we continue to see these relationships grow and both parties prosper.”
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