Northwood Investors has beaten competition to secure Platform_’s £250m regional build-to-rent portfolio.
Platform_ brought the portfolio to the market at the end of last year, seeking £75m in equity to build 1,039 flats across three schemes in Sheffield, Glasgow and Cardiff (pictured).
The regional assets also attracted a bid from Canada’s AIMCo, which sought to add the joint venture to a growing portfolio of BTR in the UK.
Platform_ has retained a stake in the projects. It is the second portfolio deal for the Westrock-backed developer, following its £118m joint venture with Invesco Real Estate in 2017.
The developer has continued to focus on the regions, but expanded the size of schemes and shifted to unconsented brownfield sites in larger city centre regeneration spots. The three sites are all consented and ready to start on site. Platform_ is also acquiring new sites, with its largest scheme to date, at 527 homes, planned at the former John Lewis warehouse site in Edinburgh.
Eastdil Secured and law firm Travers Smith advised Platform_.
The investment follows a record year for BTR, with some £4.7bn committed in the 12 months to the end of March, according to EG Radius data.
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