UK: Citra Living, Lloyds Banking Group’s BTR division, has purchased 110 apartments at the Riverside Park development in Ashford, Kent.
It bought the units from Oxford-based housebuilder GRE Assets for an undisclosed price. The apartments will be situated in two blocks which form part of the wider development of 246 flats and 26 townhouses. Most will have parking spaces and private balconies, with the blocks featuring communal rooftop terraces.
The deal marks the second development by GRE Assets in which Citra Living has invested, following the purchase of a residential building at Nene Wharf, Peterborough, in July 2021.
Andy Hutchinson, managing director of Citra Living, said: “Growing demand in Ashford, in part thanks to recent investment announcements, has resulted in a shortage of decent, good value properties for people looking to rent in the area. Within our developments, we will be providing great quality homes, which are essential to communities like Ashford where people want to put down roots.”
“Our partnership with GRE Assets was borne out of the shared goal of providing a consistently high standard of properties where they are most needed. Following our collaboration in Peterborough, this site in Ashford is another example of how we can work together with mid-sized developers to help strengthen their businesses and accelerate future projects,” he added.
Michael El-Kassir, managing director of GRE Assets, added: “Working with Citra at both Nene Wharf, Peterborough and Riverside Park in Ashford has certainly helped accelerate our growth into the build to rent market, where we see an exciting opportunity to help meet the growing demand for high quality rental homes.”
