Bricklane acquires €16.2m resi portfolio (GB)

Bricklane acquires €16.2m resi portfolio (GB)

Bricklane has completed the acquisition of a portfolio of residential assets worth more than €16.2m (£13.6m) from the British Residential Unit Trust (BRUT) in a transaction comprising a cash and shares consideration. The BRUT portfolio contains 74 PRS units, which are 93% leased, spread across four high-quality buildings located in Manchester and Birmingham. The properties have been acquired on behalf of Bricklane’s Regional Capitals REIT, increasing its total number of properties to 127 and taking its AUM to €28m (£23.6m). They are a strong strategic fit with the existing portfolio and provide additional exposure to specific attractive submarkets already targeted by the Fund, such as Birmingham’s Jewellery Quarter.

 

Simon Heawood, CEO and Co-Founder of Bricklane, said: “We are actively looking to buy portfolios that fit our strategic criteria and can help us to increase our scale, ultimately benefiting our investors and tenants alike. Changes to taxation and legislation are making it less worthwhile for individual investors to manage buy-to-let properties themselves. Bricklane is well-positioned to be flexible on the structure of our transactions, including fast-moving cash purchases, and this acquisition from BRUT on a part-cash part-shares basis, enabling landlords to relinquish the responsibility of day to day property management while maintaining exposure to residential property.”

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