Redevco, Swiss Finance & Property Group (SFP) and Property UK Ltd (SFP UK) have signed a new joint venture (JV) agreement to invest in the UK Build to Rent market over the next couple of years. The strategy will focus on repurposing existing underutilised commercial assets that offer the potential for transformative residential-led mixed-use projects that will positively impact local communities. The JV will target the UK’s regional hubs to build homes with strong sustainability credentials. The first project is located in the Finneston region of Glasgow.
The new joint venture has brought together two like-minded parties with complementary skills – and both parties will benefit from each other’s expertise. With a majority ownership in the JV, SFP group – one of Switzerland’s best-known and biggest real estate asset managers – is looking to expand on their residential success in Europe through their newly formed UK-outfit. Within this newly formed JV, SFP group will be responsible for organising the capital raising.
Its local partner, Redevco has a strong track record for large-scale redevelopment projects in areas to include Oxford and Brighton. Redevco UK’s business is placing more emphasis on the residential sector. It’s move into UK Build to Rent flows naturally from this. Redevco will focus on sourcing opportunities and on the asset and development management.
“We are delighted to have found a like-minded partner and are enjoying the close collaboration with the SFP UK team to jointly help cities in the UK transform and ensure they are sustainable and liveable. We are ready to find suitable properties and repurpose them into residential-led mixed urban schemes, starting with the seed asset in Glasgow for which the first fund raising round has been successfully closed.”Patrick Brenninkmeijer, Business Development Director, Redevco
SFP UK and Redevco are both dedicated to sustainability and are well-aligned in their ambition to drive an even greater impact in terms of environmental and social impact, helping to transform European cities into more sustainable and liveable places to live, work and play.
This new Build to Rent joint venture will specifically focus on alleviating the UK’s housing shortage, through the development of sustainably built communities in regional areas. The strategy of the joint venture is also in line with Mission2040 – Redevco’s commitment to making its entire portfolio net zero carbon by 2040.