ECE is following up on last year's push into London residential with a deal to acquire 2,100 housing units in the UK regions from UK build-to-rent (BtR) developer Dandara.
Financial details were not disclosed.
Comprising three properties in Birmingham, Leeds, and Manchester, ECE said it had already inked the acquisition of the first property in Birmingham, with over 320 residential units in two buildings.
The other two locations will follow over the course of the year. ECE said it would be responsible for the long-term management and leasing of the apartment buildings and has entered into a three-year partnership agreement with the seller’s management organisation.
The deal represents ECE's first move into the UK BtR market. The firm said that it planned to further expand its activities in this sector, including other European countries.
'We are convinced that with our many years of experience and expertise in property management, we are also perfectly equipped to operate built-to-rent concepts,' said Henrie W. Kötter, chief investment officer of ECE.
The properties in Birmingham, Leeds, and Manchester are all centrally located and feature services including gyms, package acceptance, coworking areas, bicycle parking spaces, additional rooms that can be booked for meetings, events, or guests, and a 24-hour concierge service.
ECE entered the British residential market last year as part of a joint venture with Art-Invest Real Estate and Dukelease to develop an apartment building with 88 high-end flats and 15 subsidised apartments on Cleveland Street in London’s West End.
