UK: Housebuilder Telford Homes and housing association Notting Hill Genesis have forward sold the BTR element of the Gallions Quarter scheme for £66 million.
The 132 market-rent homes have been sold to London BTR Investments Limited, a joint venture between real estate investment manager EQT Exeter and BTR provider Sigma Capital Group. Sigma’s Simple Life London brand will manage the properties.
Notting Hill Genesis will continue to own and manage the 51 per cent (135 homes) in the Royal Docks Gallions Quarter Phase 2B scheme that will be for affordable rent and shared ownership.
The properties will be delivered in two buildings and are expected to be ready for occupation in Q1 next year.
This will be the twelfth BTR transaction for Telford Homes, which has delivered more than 1,000 BTR homes across London and has a further 4,650 in the pipeline.
Charlie Weatherill, capital markets director at Telford Homes, said: “The closing of this transaction during a period of such macro-economic uncertainty underpins our strong conviction in the performance and resilience of the UK’s BTR sector – which continues to witness exceptional occupier demand – whilst new supply is increasingly constrained by continued economic uncertainty and ever more regulatory burdens.”
John Hughes, group director of development and deputy chief executive of Notting Hill Genesis, said: “Royal Albert Wharf is a triumph of partnership working and we are delighted to welcome Sigma and EQT Exeter to the future success of Royal Albert Wharf.”
