Single-family build-to-rent specialist Gatehouse IM has bolstered its UK portfolio with the acquisition of 174 West Midlands homes from Persimmon Homes for £35 mln (€41 mln).
The deal is part of Gatehouse IM’s joint venture with global investment firm Carlyle.
The new homes, a mix of two-, three-, and four-bedroom houses with a low-rise block of flats, are spread across two Coventry sites and one each in Dudley and Stoke.
The first units are already completed, with the remaining scheduled for handover in 2024
John Coles, head of acquisitions at Gatehouse IM, said: ‘The West Midlands is a core location for our platform, and the type and specification of these homes is ideally suited to residents’ needs in these towns and cities. We hope to work again with Persimmon on similar deals in the future.’
Tristan Freeman-Sear, VP on the Carlyle Europe Realty advisory team, added: ‘This acquisition exemplifies our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals, as well as helping bridge the demand for quality family housing in the region.’
Stephen Cleveley, regional chairman, Persimmon Central & Wales, commented: “As a five-star builder we are proud to provide good quality new family homes for communities across the West Midlands. We hope this is the first of similar partnerships with Gatehouse Investment Management that secure further much-needed new local homes.’
Gatehouse IM strengthens its commitment to sustainability by ensuring all new homes will have an EPC rating of 'B' or higher. The completed homes will be managed by Ascend Properties, the UK's largest lettings and property manager of single-family build-to-rent homes.
The acquisition, Gatehouse IM’s first with Persimmon, brings the number of homes within the joint venture’s portfolio in the West Midlands to more than 500. The transaction follows Carlyle and Gatehouse’s recent acquisition of 50 single-family BTR homes in Gloucester, as part of its joint venture.
