The International business of Federated Hermes has today (3 March 2021) announced the acquisition of a residential development in Brighton – on behalf of its Hestia Build to Rent brand. It follows the acquisition of Axion House in Lewisham, South East London, and two adjoining sites located in central Leeds in separate deals both announced in December 2020.
The Build to Rent scheme – called Preston Park West – will include 229 apartments and 32,600 sq ft of ground floor office space. The development is adjacent to 63 acres of park land – which provides residents with a vibrant and attractive living environment. Preston Park West is also only 15 minutes from the town’s train station, providing the conveniences that come with city living.
“This latest Hestia deal reflects our strategy of targeting opportunities to deliver mid-market range residential assets in locations with strong demand, enabling us to achieve attractive returns for our investors.”
Will Gibby, Director, Fund Management at the International business of Federated Hermes
Federated Hermes recently launched its Hestia Build to Rent brand – in December 2020. The acquisition of Preston Park West now brings the total number of Build to Rent units under the Hestia banner – both existing, committed and under development – to over 1,000.
Alongside Federated Hermes’ commitment to achieving best-in-class environmental performance across the Hestia portfolio – with The Cargo Building in Liverpool recently achieving a world first BREEAM In-Use (BIU) Residential certification, Hestia will also bring together a virtual community of residents that can achieve positive social outcomes while streamlining communication between landlord and residents.
“We recognise the importance of creating healthy and attractive spaces that support the wellbeing of our residents and accommodate their wider needs, which is particularly important given the shift towards increased flexible working patterns.
“Our commitment to social and environmental considerations is evident across the Hestia portfolio and is indicative of our approach to Responsible Property Investment, which we believe will allow us to maximise our long-term performance for investors while making a positive impact on wider society.”
Will Gibby, Director, Fund Management at the International business of Federated Hermes
Federated Hermes manage Build to Rent properties in the UK, Australia and USA. British Telecom Pension Scheme (BTPS) has provided capital to deliver the Hestia-branded Build to Rent developments.
