Invesco Real Estate, PLATFORM_ form build-to-rent joint venture

Invesco Real Estate (IRE), a global real estate investment manager and PLATFORM_, a national developer and specialist operator of private rented housing, have established a joint venture for the management of a portfolio of 580 Private Rented Sector (PRS) units in five cities across the South-East and South-West of England.

The non-exclusive partnership between IRE and PLATFORM_ sees £116m invested into the UK’s PRS sector at a time when demand for rental product is outstripping supply.

Both parties recognised this need and have established teams able to deliver large scale, long term institutional investment in the sector in order to boost the supply of new rental accommodation and provide institutional quality product to the market.

Jean-Marc Vandevivere, CEO of PLATFORM_, said: “This partnership marks a new milestone for our business and we’re delighted to be working with Invesco Real Estate. We intend to build on this first portfolio deal to continue our expansion, as we seek to become Britain’s leading build-to-rent brand, combining thoughtful design with professional management and a tech-savvy approach to the customer experience.”

“This deal marks a huge vote of confidence in the UK PRS sector, and demonstrates there is clear investor appetite for quality, high-spec product outside of major cities with proven asset managers.”

John German, senior director, Residential Investments at Invesco Real Estate, said: “This investment for our large scale UK PRS programme aims to provide long-term income returns for our investors.”

“We are continuing to see increasing appetite for UK PRS and, as described in a recent IRE white paper, for UK LGPS Funds we believe that UK PRS investment could meet the new criteria of infrastructure investment and provide several benefits,” German added.

PLATFORM_ quickly built up the 580-home portfolio by taking advantage of relaxed planning rules on converting old office space into new housing, targeting central locations in key commuter towns and employment hubs across the country.

All five sites within the portfolio are operational and will continue to be managed under the PLATFORM_ brand. Bracknell and Exeter launched in July 2016 and April 2016 respectively, and are now stabilised. Bedford, Crawley and Stevenage were launched in March 2017 and expected to be stabilised by the end of summer.

Boasting a range of on-site amenities such as a residents’ lounge, gym and roof terrace, each development in the portfolio offers the town’s first homes to be designed specifically for rent.

Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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