12 Apr Invesco and PLATFORM_ set up build-to-rent partnership
Invesco Real Estate and PLATFORM_ partner on £116m Private Rented Sector Portfolio
Invesco Real Estate (IRE), a global real estate investment manager and PLATFORM_, a national developer and specialist operator of private rented housing, are pleased to announce the establishment of an investment partnership for a portfolio of 580 Private Rented Sector (PRS) units in five cities across the South-East and South-West of England.
The non-exclusive partnership between IRE and PLATFORM_ sees £116m invested into the UK’s PRS sector at a time when demand for rental product is outstripping supply. Both parties recognised this need and 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.
“This partnership marks a new milestone for our business and we’re delighted to be working with Invesco Real Estate. We intend to build on this first portfolio deal to continue our expansion, as we seek to become Britain’s leading build to rent brand, combining thoughtful design with professional management and a tech-savvy approach to the customer experience.”
“This deal marks a huge vote of confidence in the UK PRS sector, and demonstrates there is clear investor appetite for quality, high-spec product outside of major cities with proven asset managers.”
John German, Senior Director – Residential Investments at Invesco Real Estate, 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. We are therefore pleased to be working with PLATFORM_ on this first portfolio, and potentially other exciting opportunities for our growing and diverse portfolio.”
“We are continuing to see increasing appetite for UK PRS and, as described in a recent IRE white paper, for UK LGPS Funds we believe that UK PRS investment could meet the new criteria of infrastructure investment and provide several benefits.”
PLATFORM_ quickly built 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 by and 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 expected to be stabilised by the end of summer.
Boasting a range of on-site amenities such as a residents’ lounge, gym and roof terrace, each development in the portfolio offers the town’s first homes to be designed specifically for rent.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. www.invesco.com
About Invesco Real Estate (IRE)
IRE is a global real estate firm which has been providing real estate investment and property asset management services since 1983, first in the US and then expanding into Europe and Asia. Globally, IRE has US$68bn of assets under management and over 441 staff in 21 offices. In Europe, we have eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and around 140 employees. We manage 130 assets across 13 European countries and have US$7.9bn of AUM.
IRE’s dedicated UK PRS strategy seeks to respond to the clear opportunity created by Britain’s growing imbalance in residential supply and demand. It aims to build on the successful track record of IRE’s multi-family investments across the US and Asia, as well as the firm’s initial European residential investments in the UK, Spain and Germany in the past 18 months.
PLATFORM_ is a fully integrated investor, developer, operator and asset manager of purpose-built residential communities throughout the United Kingdom. Through thoughtful design, smart technology, and responsive service we enhance the lifestyle of our residents, while also creating and managing institutional investments that drive long-term outperformance.