GREYKITE European Real Estate Fund I (Fund) and Gatehouse Investment Management, on behalf of their recently launched c. €892.5m Joint Venture (JV), have acquired a second portfolio of purpose-built single-family rental (SFR) homes from leading housebuilder Persimmon Homes. Located on established housing developments with strong transport links and local amenities, the six-site portfolio totals more than 200 homes in strategic locations across the Midlands and South-West of England.
The JV launched in November 2024 with the acquisition of an initial 11-site seed portfolio, also from Persimmon Homes. In total, the JV has now completed the forward purchase of nearly 650 homes across 17 sites in England, all of which will target an EPC rating of ‘B’ or higher. This second portfolio will also be property managed by Ascend, the UK’s largest manager of SFR housing.
The transaction follows on from the formal launch of GREYKITE and the Fund in March 2024, and its initial investments across the European logistics, residential and student housing sectors in the second half of 2024. GREYKITE specialises in real estate and corporate investments across a series of asset classes which demonstrate durable fundamentals in select European markets.
Michael Abel, Founder and CEO of GREYKITE, commented: “We continue to deploy capital at pace on behalf of our UK SFR strategy, reflecting our high conviction in a sector benefitting from compelling demographic and societal tailwinds. We look forward to further expanding this differentiated platform in the UK residential space, where there is increasing recognition of the critical role that private capital will play in delivering much needed homes.”
Dan Valenzano, Senior Partner of GREYKITE, added: “This acquisition will significantly enhance the scale and footprint our existing portfolio, and will deliver high-quality homes in some of the UK’s fastest-growing residential-for-rent markets. We are excited to bring these sites forward alongside our best-in-class partners Gatehouse Investment Management and Persimmon.”
Paul Stockwell, Group Managing Director of Gatehouse Investment Management, added: “These homes, in locations that perfectly align with the JV’s investment strategy, represent superb additions to the growing portfolio. With the quality of homes it has already delivered, Persimmon has shown itself to be an ideal delivery partner, and we look forward to further deals in the future.”
Image source - Multi Corporation.
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