Invesco Real Estate, and PLATFORM_, a national developer and specialist operator of private rented housing, have established a non-exclusive partnership with €136.66m (£116m) invested into the UK’s PRS sector at a time when demand for rental product is outstripping supply.for the management of a portfolio of 580 private rented sector units in five cities across the South-East and South-West of England.
PLATFORM_ quickly built up the 580-home portfolio by taking advantage of relaxed planning rules on converting old office space into new housing, targeting central locations in key commuter towns and employment hubs across the country. All five sites within the portfolio are operational and will continue to be managed under the PLATFORM_ brand. Bracknell and Exeter launched in July 2016 and April 2016 respectively, and are now stabilised. Bedford, Crawley and Stevenage were launched in March 2017 and expected to be stabilised by the end of summer.
Jean-Marc Vandevivere, Chief Executive Officer of PLATFORM_, said: “This partnership marks a new milestone for our business and we’re delighted to be working with Invesco Real Estate. We intend to build on this first portfolio deal to continue our expansion, as we seek to become Britain’s leading build to rent brand, combining thoughtful design with professional management and a tech-savvy approach to the customer experience.”
John German, Senior Director - Residential Investments at Invesco Real Estate, said: “This investment for our large scale UK PRS programme aims to provide long-term income returns for our investors. A fundamental part of our programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an on site property manager. We are therefore pleased to be working with PLATFORM_ on this first portfolio, and potentially other exciting opportunities for our growing and diverse portfolio.”
