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UK: Aberdeen has appointed VervLife to manage four build-to-rent assets, which were previously operated by John Lewis Partnership (JLP).
The four assets total 975 units and are located across the UK. They are Clarendon Quarter in Leeds (326 units), Landrow Place in Birmingham (259 units), Queen Street Quarter in Leicester (232 units) and Stratford Studios in London (158 units).
Aberdeen placed the Leeds and Leicester assets on the market last month, and is seeking offers above £44.5 million for Clarendon Quarter and £29.5 million for Queen Street Quarter.
An Aberdeen spokesperson said: “Following a thorough selection process, Aberdeen Investments has appointed VervLife as operating partner for its UK multi-family assets, reflecting its residential expertise, customer-focused approach, technology-led platform and operational strength.”
The move comes after JLP announced plans in February this year to shelve its BTR division, which was headed by Katherine Russell.
A JLP spokesperson said at the time: “Our rental property ambition was based on a very different financial environment: one with more stable investment returns, lower borrowing costs and more affordable costs to build homes. Unfortunately, the current climate – higher interest rates, inflationary pressures and a more cautious property market – has meant the model no longer meets the Partnership’s investment criteria.”
Highlights:
• Aberdeen has appointed VervLife to manage four build-to-rent assets, which were previously operated by John Lewis Partnership (JLP)
• The four assets total 975 units and are located across the UK
• They are Clarendon Quarter in Leeds (326 units), Landrow Place in Birmingham (259 units), Queen Street Quarter in Leicester (232 units) and Stratford Studios in London (158 units)
• The move comes after JLP announced plans in February this year to shelve its BTR division
