Greystar JV targets London for £1.8bn build to rent homes push

Aaron Morby 3 years ago
Share

Property investor Greystar Real Estate has teamed up with a subsidiary of the Abu Dhabi Investment Authority to develop build to rent housing in London and its commuter towns.

The JV plans to spend £1.8bn on a pipeline of new-build projects, starting with a project in London’s Battersea district where it hopes to build 14,000 sq m of residential and commercial space at Lombard Street.

Both investors are targeting London, following a similar deal in 2015 in the Netherlands, which created a portfolio of more than 6,000 homes for students and young professionals.

To springboard into the London market, the JV has also confirmed it will buy private rental business Fizzy Living from Metropolitan Thames Valley Housing.

This will see its take over management of nearly 1,000 occupied homes and take on 30 Fizzy Living staff, at a portfolio valuation of £400m.

The Fizzy Living assets are well-located and close to public transport in Canning Town, Lewisham, Epsom, Stepney Green, Poplar, Walthamstow, Hayes and Silvertown. Greystar will start capital improvements and other operational enhancements.

Mark Allnutt, senior managing director – Europe, Greystar, said: “Demographic trends and a severe structural undersupply of housing is driving demand for high quality rental homes in the UK, so this remains a high conviction investment strategy for Greystar.

“We have a highly successful relationship with ADIA in the Netherlands and now have a unique opportunity to create a rental housing portfolio of substantial scale in London and its surrounding commuter towns.

“The Fizzy transaction provides us with day one access to eight operational assets and a host of new team members that we are pleased to welcome to Greystar.

“In addition, we will grow the portfolio through our newly formed partnership with ADIA from the ground up.”

 

Latest news

Kier wins first phase of £700m Warwick Uni campus build

Firm to start work on science and engineering precinct last this year
9 hours ago

Torsion and Khalbros to build new Leeds £1bn neighbourhood

Eastgate Quarter site acquired from Hammerson
9 hours ago

JCB to double size of US factory in wake of Trump tariffs

$500m Texas factory under construction to expand to 1m sq ft
10 hours ago

Green light for £2.4bn Luton Airport expansion

Government go-ahead to transform airport
10 hours ago

Diversification pays off for concrete frame specialist Statom

Strong results as £180m turnover firm expands into infrastructure sector
12 hours ago

Cardo in talks to buy Breyer roofing arm

More than 100 jobs could be saved at Breyer Roofing
17 hours ago

Quartet win £750m Wales & Western railway deal

Network Rail confirms partners for Reactive and Minor Works framework
17 hours ago

Plans in for £350m London Bridge life sciences hub

Snowsfields Quarter will consist of three buildings containing labs
18 hours ago

Surging labour costs push tender price forecast up

Pick-up in tender prices despite weak growth
18 hours ago

Permasteelisa wins cladding deal on Multiplex city tower

Facade specialist wins work on Fenchurch Street ‘hanging gardens’ tower
17 hours ago

Wates wins fit-out for Manchester First Street Hub

Smartspace arm secures another Government hub deal
2 days ago

Peel Ports reveals winners for £750m framework

18 firms win places on deal: Full list
2 days ago

Big trade names dropped in M Group rebrand

Acquisitive group formed from Morrison Utility services in 2016
2 days ago

Breyer Group files administration notice

Staff hope rival firm could buy assets and save jobs
2 days ago

Former Severfield director takes helm at Embrace Steel

New CEO Martin Kelly aims to step up expansion of steelwork contractor
2 days ago

£302m upgrade funding awarded to FE colleges – list

Cash shared out between England’s 179 college groups
2 days ago

FK Facades thrives but construction arm hit by ISG row

Dispute with failed contractor costs specialist £5.5m
2 days ago

Galliford Try gets go-ahead for Milton Keynes PRS tower

33-storey tower needs gateway 2 approval before work can start
2 days ago

Small house builders get £150m funding for green homes

Developers will have to meet-up to ten new criteria to benefit from interest rate discounts
2 days ago

Lendlease Construction renamed Bovis

US private equity firm completes £35m purchase of UK contracting business and rebrands
3 days ago

Breyer Group battles for survival as rivals circle

Housing maintenance firm fights three winding up petitions in a month
3 days ago

Careys facing £2.4m claim by developer over demolition cartel

Giant Hong Kong developer claims it was overcharged on Lots Road Power Station job
3 days ago

Multiplex profit drops a third as revenue rises to £780m

Spate of new orders sets contractor up for three years of work
3 days ago

Galliford Try and Breheny land latest Sizewell C road deals

More infrastructure deals for new nuclear power station
3 days ago

Worker trapped in collapsed septic tank pit

Contractor and director fined after worker suffers multiple fractures
3 days ago

Homes England buys stalled Broad Marsh site

Demolition to finally be completed as developer hunt begins
3 days ago

Vistry go-ahead for 353 homes at Rochester Riverside

Work to start on next phase of Kent town regeneration at end of this year
4 days ago

M&E firm J S Wright collapsed owing £19m

Trade creditors hit for £11.4m by employee-owned Midlands firm
4 days ago

Right to work checks to be extended to self-employed

Government plans crackdown on illegal working and rogue employers
4 days ago

Midlands developer turns to London with £1bn resi schemes trio

SevenCapital plans 1,000 flats in Kensington, Islington and the Isle of Dogs projects
4 days ago

Contractor services