TPG Real Estate and Gatehouse Living’s single-family UK build-to-rent joint venture has sold a 610-home portfolio to Lloyds Banking Group’s UK property rental business.
The partnership has sold the Start Living single-family rental (SFR) portfolio, which includes 578 two-to-four-bedroom homes and 32 low-rise apartments across England, to Lloyds Living for an unspecified sum.
The properties are located in the West Midlands, Nottinghamshire, Lincolnshire and Merseyside.
TPG Real Estate’s opportunistic real estate investment fund series and Gatehouse Living created the portfolio via their joint venture launched in 2021.
James Piper, partner at TPG, said: “We established our joint venture four years ago in recognition of the meaningful gap that exists between the UK’s growing population and its limited housing supply.
“We are proud to have partnered with Gatehouse Living Group to develop a dynamic portfolio of high-quality, well-located homes uniquely tailored to the needs of modern renters. The transaction reflects TPG Real Estate’s thematic approach and focus on building and scaling leading platforms and portfolios.”
Paul Stockwell, CEO of Gatehouse Living, said: “We are proud to have partnered with TPG Real Estate in building this portfolio, and its disposal – our third overall, and second in less than a year – represents another achievement for our unique vertically integrated investment, asset and property management platform.
“Our approach has seen 5,000 homes delivered or under construction – and over £1bn of capital deployed – and we look forward to further growth as SFR becomes an ever more important pillar of the UK’s housing mix.”
The Savills operational capital markets division acted for Lloyds Living.
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