Goldman Sachs Merchant Banking Division has signed a new framework agreement with developer Countryside to fund the delivery of around 1,000 new Build to Rent homes over the next three years.
“The UK desperately needs more high-quality rented accommodation and we look forward to delivering more family homes with this new agreement.
“We continue to see strong interest from new and existing partners to deliver PRS homes as part of sustainable mixed-tenure communities across the UK.”Iain McPherson, Group Chief Executive, Countryside
Under the agreement, the first deal includes three sites – in West Bromwich, Wolverhampton and Bicester – which will deliver 410 family Build to Rent homes over three years. Goldman Sachs and Countryside are also evaluating the potential of a wider pipeline of Build to Rent opportunities.
Goldman Sachs has increased its investment in the UK housing market, which follows recently made investments in iQ Student Accommodation and £75m to modular developer TopHat.
“We look forward to partnering with a firm of Countryside’s calibre and experience in pursuing our aspirations to invest significant capital in high-quality new homes in the UK.”Chris Semones, Managing Director, Goldman Sachs
This is the second agreement Countryside has signed recently. The first agreement saw the acquisition of five sites from Countryside when Sigma Capital and its investment partner EQT Real Estate formed a JV to deliver 361 Build to Rent homes for a total gross development cost of £102m.