Places for People has acquired a portfolio of 925 private rented homes for £70 million (approx. 81.8 million) from Terrace Hill, a property development group. The properties are mainly in the South East, London and Scotland.
The deal comes after the purchase of Touchstone, a property management company that manages over 20,000 private rented homes, by Places for People.
David Cowans, Chief Executive at Places for People: "We're delighted to conclude this deal which is part of our long-term strategy to build a private rented portfolio as part of our housing offer to all of our customers."
Philip Leech, Chief Executive at Terrace Hill: "This sale follows our previously stated commitment to exit the residential investment sector and concentrate on our core activity of commercial development, particularly in the food store sector where we continue to see good opportunities and from which we expect to deliver strong shareholder returns."
Source: Places for People