London-based Places for People has acquired 925 residential units in the UK from listed property developer-investor Terrace Hill.
London-based Places for People has acquired 925 residential units in the UK from listed property developer-investor Terrace Hill.
Places for People, one of the largest property management, development and regeneration companies in the UK, is paying £70 mln (€82 mln) for the portfolio.
The sale comprised 95% of Terrace Hill's wholly-owned residential assets and 91% of the properties held within Terrace Hill Residential, its residential investment joint venture in which it owns a 49% interest.
The sale price reflects a discount of less than 1% of the book value of £70.7 mln.
The transaction is due to complete in February 2013.
Last week Places for People completed the acquisition of 271 retirement home properties in the UK from Grainger, a listed residential property specialist, for £18.3 mln (€21.5 mln).
Places for People is a London-based company that owns or manages 81,000 homes in the UK. Its assets are valued at more than £3 bn.
