Joint venture acquires 170 homes in £35m deal
Gatehouse Investment Management has acquired 174 West Midlands homes from Persimmon as part of its joint venture with global investment firm Carlyle.
The £35m deal sees the JV’s portfolio increase to more than 500 homes and marks Gatehouse’s first acquisition with Persimmon.
Homes are located across two sites in Coventry and one each in Dudley and Stoke and are a mixture of two, three and four-bedroom houses, in addition to a low-rise block of flats close to Coventry city centre.
The first units are already completed, with the remaining set to be handed over during 2024, and in line with Gatehouse’s sustainable commitment, all of the new homes will have an EPC rating of ‘B’ or higher.
Ascend Properties, the UK’s largest lettings and property manager of single-family build-to-rent homes, will manage the additions.
John Coles, head of acquisitions at Gatehouse IM, said: “We are excited to have completed our first deal with Persimmon, acquiring a further 174 homes for the joint venture’s growing portfolio, and look forward to handover of these units in the coming months. The West Midlands is a core location for our platform, and the type and specification of these homes is ideally suited to residents’ needs in these towns and cities. We hope to work again with Persimmon on similar deals in the future.”
Tristan Freeman-Sear, vice president of the Carlyle Europe Realty advisory team, added: “We are delighted to make this addition to our UK residential platform alongside our partners Gatehouse. This acquisition exemplifies our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals, as well as helping bridge the demand for quality family housing in the region.”
