Avanton to invest €572.4m in London resi portfolio (GB)

Avanton to invest €572.4m in London resi portfolio (GB)

Avanton will invest up to €572.4m (£500m) in strategic land acquisitions over the next three years, as part of a major expansion into the capital’s lucrative build-to-rent sector. The new land fund will target the acquisition of sites across Inner London in locations such as Islington, Southwark, Wandsworth, Wimbledon, Hammersmith, Lambeth, Camden and Brent with a view to delivering up to 5,000 build-to-rent units between 2021 and 2023. Avanton will focus on acquiring sites with land values of €22.9m (£20m) to €114.5m (£100m), providing for between 300 to 1,000 units per BTR development. Working both alone as well as through Joint Venture partnerships, Avanton will focus its future acquisitions on either consented sites, sites without planning permission or those with existing commercial consents offering the potential for a change of use to residential.


Avanton has already begun to assemble a significant portfolio of build-to-rent pipeline projects. In Richmond, Avanton and partner ICG has a newly consented €286.2m (£250m) (GDV) urban-village development on the 4.45 acre Homebase site off Manor Road. The development will deliver 453 high-quality apartments complete with a pocket-park, retail, community and office use, and landscaping, designed by award-winning architectural practice Assael Architecture.


Likewise, on Old Kent Road in Southwark, Avanton has consent for the €835.7m (£730m) (GDV) Ruby Triangle project which will provide 1,414 new homes, of which circa 50% will be build-to-rent, with the Farrells designed scheme providing residential towers, between 17 to 48 storeys in height, designed around a central park and complete with sports hall, gymnasium, retail units, workshops and studios. Avanton has a third pipeline site in the London Borough of Brent which will allow for 500 build-to-rent units.


In addition, Avanton has just handed over to project partner A2Dominion a collection of 169 completed build-to-rent units at the group’s Coda development in Battersea, the BTR apartments located two striking buildings, six and 11 storeys respectively, designed by award-winning practice Patel Taylor, with the architecture inspired by Battersea’s Victorian mansion blocks.


Omer Weinberger, CEO of Avanton said: “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision. This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this we have set aside€ 572.4m (£500m) and are seeking attractive land opportunities to grow our BTR development pipeline yet further.”


David Ronson, Sales & Marketing Director of Avanton said: “We are seeking to expand our build-to-rent, mixed tenure and private sale portfolios because despite the obvious challenges the property market has been extremely resilient and recovered rapidly last year after the lockdown. This year the market sentiment has been cautiously upbeat as the UK has taken a global lead in the vaccine rollout and we see great opportunity at this moment in the property cycle.” 

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