Henderson Park, the European real estate investment platform founded by Nick Weber, and Greystar announce that they have acquired a 172-unit Central London residential portfolio from Barratt Developments PLC for €162.8 (£140.5m).
The acquisition marks Henderson Park’s first investment into the London’ Private Rented Sector (PRS) housing market.
The portfolio includes:
- 29 units in the Aldgate Place development (JV with British Land) in Aldgate East’s Zone 1
- 25 units in the Fulham Riverside scheme in west London’s Zone 2
- The forward purchase of a 118-unit tower development at Nine Elms Point, a joint development by Barratt Homes and L&Q, in the Nine Elms regeneration area of London’s Southbank, Zone 1. This will complete once the building is constructed
David Thomas, chief executive of Barratt Developments plc, said: “This is an excellent opportunity for us, selling 172 units to Henderson Park and Greystar for PRS. In particular the build and sale contract for an entire tower at our Nine Elms Point development enables us to deliver homes more quickly than we would otherwise. We will continue to review such opportunities where there is commercial logic to do so.”
Nick Weber, Founding Partner of Henderson Park, commented: “Our acquisition of this significant Central London residential portfolio from one of the UK’s preeminent housebuilders in Barratt, offers us the rare and sought-after opportunity to immediately gain meaningful access and critical mass in the UK’s highly appealing Private Rented Sector. In Greystar we’ve secured an unrivalled partner to help us effectively deliver the high quality rental experience that the London market has long been waiting for. We look forward to building on our partnership and growing this platform into a meaningful UK PRS business in its own right, leveraging the expertise of all involved parties.”
Mark Allnutt, Managing Director Multifamily, Greystar said: “We’re delighted to secure this portfolio of exceptional properties from one of the UK’s most respected housebuilders and in partnership with such an experienced investment team as Henderson Park.”