Pictet Alternative Advisors (PAA), the alternative investment business of Pictet Group, has acquired 73 brand new West London residential apartments for its direct real estate strategy.
Financial details were not disclosed.
This acquisition builds on the track record of Elevation I, where PAA’s real estate team, in a joint venture with Pinnacle Investments, assembled a London residential portfolio of 358 units across four schemes alongside the River Thames, which has reached 99% occupancy.
Located in Lampton Park in Hounslow, the 73 units comprise over 50,000 ft2 and are spread across two unbroken blocks in a multi-phase regeneration scheme.
Each apartment has private outdoor space, access to communal gardens, bicycle storage and concierge service. The development is EPC B rated, following significant investment into energy efficiency initiatives, including central district heating, heat recovery systems, double-glazed windows and LED lighting. It also includes a planted and grassed podium garden, electric vehicle charging and six waste recycling allocations.
Ed Jackson, head of UK – direct real estate at PAA, said: 'Today more than 20% of UK households rent their main home compared with below 10% in 1995.
'This swing from ownership to rental coincides with a structural shortage of professionally-run multifamily developments in the UK. Our strategy seeks to address this imbalance and provide Londoners with affordable, energy efficient and well-located homes.
'With this transaction, and further acquisitions as part of this strategy, we are aiming to create a portfolio of institutional quality and size in one of Europe’s strongest investment markets.'
PAA’s investment strategy aims to ease the supply/demand disparity in the London residential market and provide tenants with high-quality, energy efficient homes in well located neighbourhoods with strong transport links.
PAA intends to ‘greenify’ the assets through initiatives such as fitting solar panels and the installation of further EV charging points, and will play an active role in initiating a range of tenant support and community initiatives.
Pictet has acquired ownership of the assets as part of a joint venture with Pinnacle Investments, and was advised by Maples Teesdale (legal), Savills (commercial), and Brotherton (debt).
