UK: The last week has seen two major acquisitions of SFR homes from housebuilders in the north and Midlands.
Gatehouse Investment Management and Carlyle have acquired 174 homes from Persimmon for a total of £35 million, as part of their joint venture. Units have been acquired across four sites in Coventry, Stoke and Dudley. The homes include a mix of two-, three- and four-bedroom houses, and a low-rise block of flats close to Coventry city centre. In line with Gatehouse IM’s commitment to sustainability, all homes will have an EPC rating of B or higher.
The first units are complete, with the remaining set to be handed over during 2024. The completed homes will be managed by Ascend Properties, the UK’s largest lettings and property manager of SFR. The new units complement the JV’s existing holdings in the West Midlands, where there is proven rental demand for homes of this type and specification. The acquisition, Gatehouse IM’s first with Persimmon, brings the number of homes within the joint venture’s portfolio to more than 500.
Tristan Freeman-Sear, vice president on the Carlyle Europe Realty advisory team, said: “We are delighted to make this addition to our UK residential platform alongside our partners Gatehouse. This acquisition exemplifies our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals, as well as helping bridge the demand for quality family housing in the region.”
Stephen Cleveley, regional chairman, Persimmon Central & Wales, said: “We were delighted to agree this deal with Gatehouse Investment Management. As a five-star builder we are proud to provide good quality new family homes for communities across the West Midlands. We hope this is the first of similar partnerships with Gatehouse IM that secure further much needed new local homes.”
Elsewhere Casa by Moda, the SFR division of developer and operator Moda Group, has acquired 100 SFR units in Doncaster, which forms part of a wider mixed-residential masterplan. The new neighbourhood will be called Casa at Westmoor Grange, located on the outskirts of the suburb of Armthorpe.
The units have been acquired from Albemarle Homes and range from two- to four-bedrooms homes. Following the deal, Casa by Moda will continue to work with Albemarle Homes to complete the delivery of the new homes, which are expected to welcome residents in Summer 2024.
The 19-hectare Westmoor Grange neighbourhood marks the first time that Casa by Moda has formed part of a wider housing masterplan, which comprises just over 400 homes, including affordable housing and OMS.
Darryl Barker, managing director of Albemarle Homes, said: “Our ethos, and the reason Albemarle Homes was established, is to provide quality-built properties that become a home from the very start. Our Albemarle Standard is what sets us apart and we’re pleased that Casa by Moda has identified this and made the decision to incorporate a number of our Westmoor Grange homes into its unique private rented portfolio. We feel it is important that consumers are given a range of options to meet their own individual circumstances and support this alternative choice. Our ongoing commitment to quality construction aligns with Casa by Moda’s vision, in delivering outstanding homes that go beyond mere residences and, we are confident that our properties will contribute to the flourishing communities they strive to create.”
The acquisition follows Casa by Moda’s first Yorkshire neighbourhood, Casa, Abbey Court in Leeds, which was acquired last year.
Matthew Townson, director of development and projects at Casa by Moda, said: “With Casa at Westmoor Grange, we’re raising the bar when it comes to rental accommodation in Doncaster. The site’s acquisition also marks two significant milestones for us, as it’s our second development in our home region of Yorkshire and our first inclusion within a wider housing masterplan. Looking ahead we have ambitious plans for the future and are looking forward to collaborating with leading housebuilders like Albemarle Homes, as well as local authorities and landowners to deliver more new homes across the UK, as we progress towards our target of securing 5,000 new homes in the next three years.”
