Invesco Real Estate (IRE) has formed a joint venture to manage a portfolio of 580 private rented sector (PRS) units in five cities across the southeast and southwest of England.

platform ire350

Invesco forms private rental sector JV in the UK

IRE, a global investment manager, announced on Wednesday that it was teaming up with Platform, a residential property developer-investor in the UK. The non-exclusive agreement involves investing £116 mln (€137 mln) in the UK’s PRS sector at a time when demand for rental product is outstripping supply.

IRE said both parties have established teams able to deliver large-scale, long-term institutional investment in the sector in order to boost the supply of new rental accommodation and provide institutional quality product to the market.

The five locations covered by the agreement are in Bracknell, Exeter, Bedford, Crawley and Stevenage. 

Platform intends to quickly build up the 580-home portfolio by taking advantage of relaxed planning rules on converting old office space into new housing, targeting central locations in key commuter towns and employment hubs across the country. 

All five sites within the portfolio are operational and will continue to be managed under the Platform brand. Bracknell and Exeter launched in July 2016 and April 2016 respectively, and are now stabilised. Bedford, Crawley and Stevenage were launched in March 2017 and are expected to be stabilised by the end of summer.

John German, senior director of residential investments at IRE, said: 'This investment for our large-scale UK PRS programme aims to provide long-term income returns for our investors. A fundamental part of our programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an on-site property manager.'

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