Gatehouse’s investment has supported the construction of an initial 918 new rental homes, consisting of a mix of high-quality 2, 3 and 4 bedroom houses and 1 and 2 bedroom apartments. The new homes are located across 14 sites in Merseyside and Greater Manchester.
The first phase was completed between November 2014 and February 2017, with 918 homes now almost fully-let under the ‘DifRent’ brand, and professionally managed and let by SDL, evidencing a strong rental demand for high quality new build properties in the North West.
The second phase of PRS investment of €115m with Sigma, which was announced in December 2015, is well underway with new homes being built on sites across Merseyside, Greater Manchester and the West Midlands.
The joint venture has created one of the first large scale PRS portfolios of family homes in the UK.
Fahed Boodai, Chairman of Gatehouse, said: “Our entry into the UK private rented sector is a major strategic initiative for Gatehouse. We are truly delighted with the performance of the first phase of our investment, which is testament to the strong partnership between Sigma Capital, Countryside and SDL Group.
“Significant supply and demand factors exist across the UK housing market, and affordability has become more of a challenge in recent years. We are extremely proud to be able to support the high demand for local housing with the delivery of 918 affordable, sustainable, and highly-desirable family homes in areas where they are most needed. We look forward to updating the market on the second phase of our PRS investment in due course.”
Graeme Hogg, Chief Operating Officer of Sigma Capital, added: “Gatehouse Bank has been an excellent partner for us in the roll-out of our growth ambitions in the PRS sector. Our shared vision, to provide high-quality family homes to rent, has been delivered on time and to budget. Demand for the new homes has been extremely strong and the scheme is generating returns ahead of original expectations.”
Countryside acted as construction partner.