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UK: There are reportedly three bidders left in contention to buy housing association Notting Hill Genesis’ Folio BTR portfolio.
They are fellow G15 housing association Hyde, US investor Kennedy Wilson and a joint venture between investor Adira and European asset manager Hayfin.
A preferred bidder for the 15-asset Folio business is expected to emerge in the next four to six weeks, but there could be a lengthy due diligence process before a sale completes.
Folio comprises 2,079 homes, owned through a mix of freeholds and leaseholds. It was established by NHG in 2007 and has an occupancy rate of 98 per cent.
The portfolio was built over 16 years through a mix of acquisitions from developers during the global financial crisis; transfers from NHG’s own development pipeline; and integration of Genesis homes following Notting Hill’s 2018 merger with Genesis.
The Folio schemes are located in London boroughs such as Croydon, Barnet, Ealing, Southwark, Greenwich, Harrow, Islington, Barking and Dagenham, and Hammersmith and Fulham. The biggest scheme is Royal Wharf Estate in Newham, at 338 homes, followed by City Park West in Chelmsford with 317 homes.
Around 90 per cent of the Folio homes are one-bedroom and two-bedroom apartments, and 98 per cent are rated Energy Performance Certificate (EPC) C or higher. The portfolio recorded revenue of £44.8 million in the 2024/25 financial year.
Deloitte has been appointed to run the sales process, which is known as Project Vanguard.
Highlights:
- There are reportedly three bidders left in contention to buy housing association Notting Hill Genesis Group’s Folio BTR portfolio
- They are fellow G15 housing association Hyde, US investor Kennedy Wilson and a joint venture between investor Adira and European asset manager Hayfin
- The portfolio consists of 2,079 homes across 15 assets in London and Chelmsford, Essex
