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US: Morgan Stanley Investment Management and Ridgeback Group have acquired Metra Living, the private rented sector (PRS) business of London & Quadrant Housing Trust (L&Q), in a deal worth £1.045 billion.
The transaction includes around 3,200 homes across Greater London, Metra Living’s operating platform, its team and £300 million of external debt facilities.
Established in 2015, Metra Living has grown into a professionally managed PRS platform focused on delivering rental housing in supply-constrained London markets.
Morgan Stanley said the acquisition reflects its long-term confidence in the UK rental housing sector and growing demand for professionally managed homes.
Shamik Narotam, managing director at Morgan Stanley Real Estate Investing, said the investment would build on Metra Living’s existing platform while continuing to deliver high-quality housing for residents.
The sale also forms part of L&Q’s wider strategy to simplify its operations and focus on its core role as a social housing provider.
L&Q said proceeds from the transaction will strengthen its financial position and support future investment in new and existing homes across Greater London and Greater Manchester.
Highlights
- Morgan Stanley and Ridgeback have acquired Metra Living in a £1.045bn deal
- The transaction includes 3,200 homes across Greater London
- Metra Living’s operating platform, team and debt facilities are included in the acquisition
- L&Q will use the sale to focus on its social housing strategy
- The deal underlines continued investor confidence in the UK PRS market
