Vistry strikes £580m BTR deal with Blackstone and Regis Group

The deal will see Leaf Living manage the properties acquired by Blackstone Real Estate and Regis Group, from Vistry Group.

Vistry Group's single-family Build to Rent homes acquired by Blackstone Real Estate and Regis Group | BTR News
Vistry Group's single-family Build to Rent homes acquired by Blackstone Real Estate and Regis Group.

Vistry Group agrees to sell 1,750 homes across 36 developments to Blackstone Real Estate and Regis Group in a £580m deal. The portfolio – focused on the south-east of England – is largely plots from Vistry’s former Housebuilding landbank.

The homes would be pre-sold in-line with Vistry’s Partnerships strategy of pre-selling c. 65% of all homes across the business. This supports the Group to drive towards its medium-term financial targets.  

“Institutional private capital can play an important role in providing high quality housing stock across the UK, particularly in the private rented sector which is significantly undersupplied today. Partnerships such as these can meaningfully accelerate the delivery of new homes and help alleviate structural undersupply across the sector.”

James Seppala, Head of European Real Estate, Blackstone

Under the agreement, the first completion of homes is expected to be delivered by the end of June 2024, with most homes expected to complete within the next two years.

The acquired portfolio of homes will be managed by Leaf Living, a provider of private rented sector housing, which is backed by funds managed by Blackstone and Regis.

“By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year.  This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities.  

“This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK’s acute housing shortage.”

Greg Fitzgerald, Chief Executive, Vistry Group

The news follows Vistry’s recent handover of single-family Build to Rent homes to Leaf Living last month.