Patrizia AG, acting on behalf of its institutional clients, has invested in a turn-key build-to-rent (BTR) development in Reading for an undisclosed sum. Olivers Place is a collection of 281 high-quality BTR properties comprising a mix of one, two and three-bedroom apartments. The homes have been acquired from award-winning housebuilder Berkeley Homes, who will deliver Olivers Place in four phases as part of its larger Huntley Wharf development on the banks of the River Kennet. The first residents are scheduled to move into Olivers Place in 2024, with the final phase set to complete in 2025. Each property will come fully fitted and be finished to Berkeley Homes’ high standards of design and specification.
“Our development partner in Berkeley Homes is renowned for its expertise in sustainable placemaking and its hallmark of quality when delivering new homes in the UK,” said Antonio Marin-Bataller, Director, Pan-European Transactions at Patrizia. “Our investment in Olivers Place brings this high standard into our residential portfolio to provide an excellent asset, both for our tenants and our clients, that has the potential to deliver on our overall performance targets for investors.”
“Not only does Reading represent a huge opportunity for high specification BTR accommodation as the economic capital of Thames Valley; but it is also a major hub for finance and technology firms, has a top 30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail,” commented Marin-Bataller.
