Brum build-to-rent scheme sold in £283m deal

Sherborne Wharf in Birmingham has been sold as part of a deal worth £283m.

Alberta Investment Management Corporation, (AIMCo), on behalf of its clients, and Ridgeback Group has bought a portfolio of UK build-to-rent assets from Angelo Gordon.

The five properties acquired from Angelo Gordon are in Cardiff, Birmingham, Sheffield – and include two assets in Greater London – Hayes and the Isle of Dogs. The properties are at different stages of the construction process, ranging from Sherborne Wharf in Birmingham, which is up and let, through to Isle of Dogs, London, which is still in the planning stage. When construction is completed, the portfolio will consist of 1,452 apartments.

Rupert Wingfield, head of european real estate at AIMCo, said: “We are very pleased to be scaling up our UK build-to-rent joint venture with the acquisition of these five assets, which complement our existing portfolio in the sector. We are committed to delivering high quality, amenitised accommodation in which our residents can live, work and play whilst limiting the impact on the environment. From an investment perspective, we particularly like the inflation protection attributes of the BTR sector in the current economic climate.”

George Bossom, partner of Ridgeback Group, added: “We are delighted to be continuing our long-term, strategic partnership with AIMCo. This investment further enhances our portfolio of best-in-class BTR assets across the UK and is a strong endorsement of our fully integrated capabilities. We believe the UK BTR sector continues to demonstrate the strength of its underlying fundamentals as demand for high quality homes in the UK continues to grow.”

Mike Diana, managing director, Europe real wstate at Angelo Gordon, said: “We are pleased to realise our initial vision for this BTR portfolio, from working with Ridgeback since their inception through to completing this sale to a long-term owner in AIMCo. We believe the opportunity set in the residential sector in the UK remains highly compelling and, moving forward, expect the asset class will continue to be an area where we deploy substantial capital.”