UK: Equipoint, a BTR scheme in Yardley, Birmingham, has been acquired by L1 Property, the UK real estate investment arm of L1 Capital, for an undisclosed sum.
The stabilised asset features 247 units in a mix of one- and two-bedroom apartments. The building is a 15-minute drive from Birmingham city centre and Birmingham Airport. It was formerly an office building but was converted in 2021.
L1 Capital is a global investment manager with more than $6 billion in assets under management, while L1 Property has deployed more than £300 million into UK residential property.
David Lamm, CEO of L1 Property, said: “Equipoint provides modern living spaces in a great location, and we look forward to delivering a great resident experience. I’m incredibly proud of our team’s efforts in securing this asset under highly competitive conditions. We are eager to add more assets to our portfolio, and this success reaffirms L1’s capacity and commitment to take on large-scale, complex acquisitions.”
Andrew Cain of CBRE advised the vendor on the transaction. Daniel Nevies of Oban Group and David Kanter and Daniel Lipman of Mishcon de Reya advised L1 Capital.
