Pictet Alternative Advisors (PAA) announces the acquisition of 73 brand-new West London residential apartments for its direct real estate strategy.
Located in Lampton Park in Hounslow, the 73 units comprise over 4,645m2 and are spread across two unbroken blocks in a multi-phase regeneration scheme. The assets are directly adjacent to c. 16ha of green space, and close to several “outstanding” Ofsted-rated schools, as well as Hounslow West underground station.
Each apartment has private outdoor space, access to communal gardens, bicycle storage and concierge service. The development is EPC “B” rated, following significant investment into energy efficiency initiatives, including central district heating, heat recovery systems, double-glazed windows and LED lighting. It also includes a planted and grassed podium garden, electric vehicle charging and six waste recycling allocations.
PAA intends to ‘greenify’ the assets through initiatives such as fitting solar panels and the installation of further EV charging points and will play an active role in initiating a range of tenant support and community initiatives.
Ed Jackson, Head of UK – Direct Real Estate at PAA, said: “Today more than 20 per cent of UK households rent their main home compared with below 10 per cent in 1995. This swing from ownership to rental coincides with a structural shortage of professionally run multifamily developments in the UK. Our strategy seeks to address this imbalance and provide Londoners with affordable, energy efficient and well-located homes. With this transaction, and further acquisitions as part of this strategy, we are aiming to create a portfolio of institutional quality and size in one of Europe’s strongest investment markets.”
Pictet has acquired ownership of the assets as part of a joint venture with Pinnacle Investments and was advised by Maples Teesdale (legal), Savills (commercial), and Brotherton (debt).
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