Vista, a residential property fund set up by estate agency Countrywide and Hermes Investment Management, is to acquire the Baltic Village development in Liverpool for over £50 mln (€70 mln).
Vista, a residential property fund set up by estate agency Countrywide and Hermes Investment Management, is to acquire the Baltic Village development in Liverpool for over £50 mln (€70 mln).
The fund's first large-scale investment has taken the form of a forward purchase from local developer Promenade Estates.
Baltic Village is described as one of the largest UK private rented sector (PRS) transactions ever completed outside of London. The development will comprise 324 one- and three-bedroom apartments across three buildings, 1,000 m2 of retail and other tenant amenities and parking for 358 cars.
The Vista fund was established as a joint venture between Countrywide and Hermes Investment Management in October 2014. The fund has a £200 mln investment pipeline and a target size of £1 bn within five years.
