Kuwaiti-backed property vehicle concludes acquisition deal for 71 new Bolton homes
More than 70 new homes in Bolton have been acquired by a Kuwaiti-backed business.
London-based Gatehouse Investment Management has exchanged on the acquisition of 71 homes in Horwich, on the site of the former Loco Works, near Bolton, from Bellway Homes, for its ‘UK PRS’ single-family build-to-rent (SFBTR) portfolio.
Gatehouse is backed by the Kuwait Investment Authority and the latest deal takes its portfolio to more than 820 properties.
The two- and three-bedroom homes are located within Bellway’s Barton Quarter scheme to the south of Horwich town centre, offering strong local amenities and easy access to both the M61 and central Manchester by train.
Construction on site has commenced and completion of the homes is expected by early 2026.
The Gateway portfolio is operated under the DifRent brand, located across 10 sites in Greater Manchester, Merseyside, and the West Midlands.
As part of UK PRS’s commitment to sustainability, all of the homes acquired at Barton Quarter will have an EPC rating of ‘B’ or higher.
Lettings and property management of the UK PRS portfolio is undertaken by Ascend Properties, with the new homes at Horwich coming under its mandate on their completion.
The acquisition follows the recent £78m refinancing of the portfolio with Legal & General Investment Management, a facility that will enable the implementation of environmental performance improvements and provide headroom for expansion if suitable opportunities arise.
John Coles, head of acquisitions at Gatehouse IM, said: “UK PRS has long been at the vanguard of the SFBTR sector, and these new acquisitions underline the ongoing appetite to bring new locations into the portfolio.
“Bellway has a strong track record in delivering high quality family homes, with Barton Quarter having all the hallmarks of a UK PRS site – robust local demand, strong local employment sources, access to vital infrastructure such as schools and hospitals, and excellent transport links.”
George Stevenson, land director at Bellway Homes Manchester, said: “Careful planning has gone into these proposals to create a high quality, sustainable neighbourhood with designs that reflect the history and heritage of the site.
“Rivington Chase is a truly special development that is transforming a derelict brownfield site into a neighbourhood that celebrates the history and heritage of the Loco Works and provides a destination for local people and we are delighted to have reached this agreement with Gatehouse Investment Management to provide energy-efficient homes.”