UK: BTR investor and developer Ridgeback has bought the Equipment Works development in Walthamstow, north-east London, for £126 million.
The 257-unit scheme was completed in 2021 and is 98 per cent leased. The vendor was a JV between Greystar and Henderson Park, which acquired the scheme in 2019 from Telford Homes in a forward-funding deal for £106 million.
In March last year, the JV appointed Savills to sell Equipment Works and the 546-unit Ten Degrees apartment scheme for a combined £325 million. It also owns the 894-apartment Bloom project in Nine Elms, south London, which is valued at around £800 million.
Ridgeback has a UK portfolio of more than 4,000 BTR homes, undertaking several deals in a joint venture with the Canadian pension fund Alberta Investment Management Corporation.
The portfolio aggregation strategy began in Q4 2020 with the acquisition of five properties, totalling more than 1,650 apartments under construction in Manchester, Birmingham, Leeds, Liverpool and other cities.
The JV bought a portfolio of five assets totalling about 1,550 apartments at various stages of construction for £283 million in 2022 — two in London, one in Birmingham, one in Cardiff and one in Sheffield. In October 2024, it bought the 241-unit Mitre Yard scheme in north-west London.
