:
UK: Oaktree Capital Management is considering bringing its UK and Ireland build-to-rent (BTR) platform to market.
Oaktree is reportedly planning an initial public offering (IPO) that could value the CompassRock platform at around £1.2 billion.
The portfolio comprises around 2,750 units, with a majority being stabilised, income-producing assets.
The assets are predominantly in the south of England and Dublin. Schemes include Market Quarter and Vantage Tower in Southampton (279 and 170 units respectively), Stafford Yard in Bristol (295 units), Walton Court in Walton-on-Thames (373 units), Brightwells Yard in Farnham (239 units) and the Glass Bottle in Dublin (700 units).
Citi and Jefferies are leading the IPO process, and a road show is underway, with Oaktree targeting around £500 million of primary equity. It is expected to retain a substantial stake in the business.
If successful, the vehicle will become the UK’s largest listed residential REIT by market capitalisation, overtaking Grainger.
David Woodward, CEO of CompassRock, is expected to become CEO of the listed entity, with CompassRock continuing to operate the assets.
Highlights:
- Oaktree Capital Management is considering bringing its UK and Ireland build-to-rent (BTR) platform to market
- The private equity firm is reportedly planning an initial public offering (IPO) that could value the CompassRock platform at around £1.2 billion
- The portfolio comprises around 2,750 units, with a majority being stabilised, income-producing assets.
- If successful, the vehicle will become the UK’s largest listed residential REIT by market capitalisation, overtaking Grainger.
- David Woodward, CEO of CompassRock, is expected to become CEO of the listed entity, with CompassRock continuing to operate the assets
