UK: Harry Downes, who founded Fizzy Living before selling it to Greystar, has launched a new Build To Rent (BTR) platform with former Greystar director Jamie Spencer.
Downes founded Fizzy Living in 2010, one of the earliest entrants into the BTR market. Fizzy grew to 1,000 units with financial backing from ADIA, and in 2021, the operating business was bought by Greystar. Downes stayed on at Greystar as director of investment management. Spencer worked on Greystar BTR projects such as Bermondsey, and Bloom in Vauxhall. The pair have joined forces to create a new £150 million BTR platform targeting commuter locations in the south-east of England.
The pair aim to target developments ranging from 100 to 200 apartments in locations close to local amenities and schools, and with good transport links.
The platform is targeting amenity-light, low-rise and mid-market BTR homes. In a recent Cushman & Wakefield survey, amenity-light schemes received substantial investor interest.
The platform is targeting 1,000 BTR homes over the next five years. Downes and Spencer are in discussions with investors to raise £100 million to £150 million with investors. They are targeting forward-funding opportunities and the acquisitions of consented sites.
Highlights:
• Harry Downes and Jamie Spencer are launching a £150 BTR platform
• They are targeting amenity-light and mid-market schemes in the south-east of England
• Downes launched BTR pioneer Fizzy Living in 2010 before selling to Greystar in 2021
