BTR News Build to Rent (BTR)

Oxford Properties and Delancey raise £1.2bn for BTR platform

Oxford Properties and Delancey have secured an additional £410m from Allianz and Local Pensions Partnership.

Global investor, developer and manager of commercial real estate, Oxford Properties and Real Estate Asset Management company, Delancey has announced that DOOR S.L.P has raised further commitments of £260m and £150m from Allianz Real Estate acting on behalf of several Allianz group companies and Local Pensions Partnership. Lazard and Eastdil Secured provided financial advice to DOOR as part of the transaction. 

“To have secured these significant commitments from high-quality institutional investors in the current market is a strong endorsement of the quality of the Get Living platform, of our strategy and our ambitions to scale the business.”

Joanne McNamara, Head of Europe, Oxford Properties 

DOOR, which was seeded with £600m of capital from Oxford and DV4, acquired a 39% stake in Get Living in August 2018. The additional £410m follows a £250m commitment from Alecta in March 2020. DOOR now has equity commitments of £1.2bn. The capital will be put toward continued growth of Get Living’s portfolio and will be used to invest in their existing development pipeline  – which is targeting up to 12,000-14,000 homes – and for further large-scale acquisition opportunities. 

“We have a strong belief in the multifamily sector in gateway cities across the globe and the UK’s living segment is no exception. We are delighted to be increasing our exposure to the asset class through a market-leading, prime investment vehicle. 

“DOOR is very complementary to our Chapter portfolio of student housing across London, and, since we opened our local office in 2019, are very happy to have found another investment with a high-quality management team and like-minded partners.” 

Kari Pitkin, Head of Business Development for Europe, Allianz Real Estate

Get Living currently has approx. 2,900 operational homes, mainly across two London schemes at East Village – the former London 2012 Athletes’ Village at Queen Elizabeth Olympic Park in Stratford, and Elephant Central in Elephant and Castle, with a smaller neighbourhood, New Maker Yards, at Middlewood Locks, Manchester. 

The portfolio also features approx. 1,800 homes currently under construction and a secured development pipeline of 3,500 homes at East Village, Elephant & Castle, Lewisham and Middlewood Locks, as well as two sites in the key regional cities of Glasgow and Leeds. 

Get Living also recently announced a £252m forward funding deal to accelerate the delivery of the second and final phase of Lewisham Gateway, one of the largest regeneration schemes in the South East. It will take the total number of homes within Get Living’s management and pipeline to more than 8,000 homes across four cities. 

“Supporting large scale residential property projects is an important part of our investment strategy, and the Get Living platform presented the key characteristics that we look to add to our portfolio. 

“This investment will support the delivery and ongoing stewardship of high-quality, affordable and professionally-managed homes. We are delighted to be contributing to the regeneration of local communities while also creating sustainable and resilient assets that will provide value for our pension scheme members over the long term.” 

Chris Rule, Chief Executive Officer, Local Pensions Partnership

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