Get Living has received an additional £250m to invest in their existing Build to Rent (BTR) development pipeline, and for further large-scale acquisition opportunities. It’s a step forward in delivering their target of 12,000 to 14,000 BTR homes.
Oxford Properties Group, a leading global investor, developer and manager of commercial real estate, and Delancey Real Estate Asset Management Limited, announce that DOOR S.L.P. has raised the £250m from Alecta, a Swedish pension fund – the group owners first external funding.
“This fundraise will facilitate the expansion of the Get Living platform towards our target scale of 12,000 to 14,000 units, and underpins our confidence in our global diversification strategy to invest into demographically-supported asset classes such as multifamily.
“We will continue our ongoing discussions with other capital partners who share our conviction in the potential of the Get Living platform and the build-to-rent sector in the UK.”Paul Brundage, Head of Europe and Asia Pacific at Oxford Properties
Get Living currently have BTR developments in East Village, Stratford – the former Athletes Village at the Olympic Park, Elephant Central in Elephant and Castle, and Middlewood Locks in Manchester – a smaller neighbourhood. They currently have 3,000 BTR homes completed and operational and 1,000 homes under construction. They also have a secured development pipeline of 4,000 homes – at East Village, Middlewood Locks, Elephant Central, and two sites in Leeds and Glasgow.
Get Living targets large scale development sites across the UK – 400 units or more once complete – to create vibrant residential-led neighbourhoods. The Get Living strategy is underpinned by a continued lack of high-quality rental accommodation in the UK, combined with ongoing unaffordability of house prices for first time buyers, which has created substantial demand in the BTR sector.
“This investment into DOOR enables us to access the UK residential market, which benefits from attractive supply demand dynamics and opportunities for future growth through Get Living, which is a best-in-class platform.”Frans Heijbel, Head of International Real Assets at Alecta