UK: Gatehouse Bank and TPG Real Estate Partners have announced a joint venture to develop about 2,500 family rental homes.
The £500 million joint venture will focus on suburban, purpose-built family rental homes in the North and Midlands.
Chief commercial officer at Gatehouse Bank, Paul Stockwell, said: “This joint venture will see significant capital being deployed to build and develop the next generation of BTR housing, concentrating on high quality family homes in suburban locations.”
The joint venture will start out with a seed portfolio of four sites, which were acquired from Countryside Properties, a partnership that intends to work together again in the future. The properties for the launch include 321 single family homes in Midlands, Greater Manchester, and Merseyside.
The joint venture is not Gatehouse Bank’s first move into the sector, as the bank has already established two other BTR portfolios in the past.
James Piper, partner at TPG, said: “With this initiative, we aim to be a valued partner not only to homebuilders but also the communities and families that will call these properties home.”
