JV snaps up £60m portfolio of rental homes

A joint venture between Greykite Real Estate and Gatehouse Investment Management has acquired a second portfolio of homes from Persimmon for £60m.
The six-site portfolio of purpose-built single-family rental (SFR) homes totals more than 200 homes across the Midlands and South West and will be managed by Ascend.
The JV launched in November with the acquisition of an initial 11-site seed portfolio, also from Persimmon Homes. It outlined plans to invest £750m into a portfolio of 2,500 newly-built, single-family rental homes.
Since then, the JV has completed the forward purchase of nearly 650 homes across 17 sites in England, all of which will target an EPC rating of ‘B’ or higher.
Michael Abel, founder and CEO of GREYKITE said: “We continue to deploy capital at pace on behalf of our UK SFR strategy, reflecting our high conviction in a sector benefitting from compelling demographic and societal tailwinds. We look forward to further expanding this differentiated platform in the UK residential space, where there is increasing recognition of the critical role that private capital will play in delivering much needed homes.”
Dan Valenzano, senior partner of GREYKITE added: “This acquisition will significantly enhance the scale and footprint our existing portfolio, and will deliver high-quality homes in some of the UK’s fastest-growing residential-for-rent markets. We are excited to bring these sites forward alongside our best-in-class partners Gatehouse Investment Management and Persimmon.”
Paul Stockwell, group managing director of Gatehouse Investment Management said: “These homes, in locations that perfectly align with the JV’s investment strategy, represent superb additions to the growing portfolio. With the quality of homes it has already delivered, Persimmon has shown itself to be an ideal delivery partner, and we look forward to further deals in the future.”