Gatehouse IM and Carlyle JV acquires SFH BTR from Persimmon

The joint venture between Gatehouse IM and Carlyle acquires single-family housing (SFH) Build to Rent homes from Persimmon.

The low rise block of flats in Coventry | Gatehouse IM | Carlyle | Ascend | BTR News
The low rise block of flats in Coventry.

Gatehouse Investment Management has acquired 174 West Midlands SFH Build to Rent homes from Persimmon for a total of £35m, as part of its joint venture with global investment firm Carlyle. Units have been acquired across four sites in Coventry, Stoke and Dudley.

“We are delighted to make this addition to our UK residential platform alongside our partners Gatehouse. This acquisition exemplifies our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals, as well as helping bridge the demand for quality family housing in the region.”

Tristan Freeman-Sear, Vice President on the Carlyle Europe Realty advisory team

Located across two sites in Coventry and one each in Dudley and Stoke, the homes include a mix of two-, three- and four-bedroom houses, in addition to a low-rise block of flats close to Coventry city centre. In line with Gatehouse IM’s commitment to sustainability, all homes will have an EPC rating of ‘B’ or higher.

“We were delighted to agree this deal with Gatehouse Investment Management. As a five-star builder we are proud to provide good quality new family homes for communities across the West Midlands. We hope this is the first of similar partnerships with Gatehouse IM that secure further much needed new local homes.”

Stephen Cleveley, Regional Chairman, Persimmon Central & Wales

The first units are already complete, with the remaining set to be handed over during 2024. The completed homes will be managed by Ascend Properties, the UK’s largest lettings and property manager of SFH.

The new units complement the joint venture’s existing holdings in the West Midlands, where there is proven rental demand for homes of this type and specification. The acquisition, Gatehouse IM’s first with Persimmon, brings the number of homes within the joint venture’s portfolio to over 500.

“We are excited to have completed our first deal with Persimmon, acquiring a further 174 homes for the joint venture’s growing portfolio, and look forward to handover of these units in the coming months. The West Midlands is a core location for our platform, and the type and specification of these homes is ideally suited to residents’ needs in these towns and cities. We hope to work again with Persimmon on similar deals in the future.”

John Coles, Head of Acquisitions, Gatehouse IM

This transaction also follows the joint venture’s recent acquisition of 50 single-family build-to-rent homes in Gloucester.