German asset manager DWS has acquired a newly built residential property located in Peckham, London, for £55 mln (€64 mln) on behalf of one of its German real estate retail funds.
The off-market transaction is DWS's first in the Build to Rent (BtR) sector in the UK. The property was purchased from Notting Hill Genesis, a UK housing association.
The deal follows on from recent large-scale residential investments across the Netherlands, Spain and Ireland in 2020, as well as the student residential sector across the UK.
Part of the wider Peckham Place development, the recently constructed property known as Idaline Court consists of a multi-storey apartment complex providing 108 private, high quality rental units. Amenities include an attractive first floor, courtyard garden as well as basement parking with electric vehicle charging points and bicycle storage.
‘The London ‘Build to Rent’ (BTR) sector looks well positioned for high occupancy and growth with positive demand drivers and constrained supply of good quality, affordable, managed rental accommodation around Peckham,’ said Jessica Hardman, head of European portfolio management at DWS.
Ronen Ribak, head of European real estate transactions at DWS, continued: ‘This acquisition continues our focus on the ‘Build to Rent’ sector across Europe in strong micro locations with good connectivity.’
