Investment and asset manager MGT has appointed former Greystar executive Adina David to oversee the creation of a new £1bn build-to-rent development vehicle.
MGT, which is backed by the Baupost Group and Oaktree Capital, has set its sights on raising £1bn for the new vehicle after securing initial equity.
The vehicle will focus on forward funding and acquiring multi- and single-family housing properties in London and the South of England.
David will lead its expansion during the fundraise and will devise a rental living strategy at the firm, covering both multi- and single-family housing.
As well as becoming part of the executive team, David will also become a shareholder in MGT. She will also work with MGT founders Charles Graham, Henry Morris and Callum Thorneycroft on shaping the company’s ESG policies, delivering more housing options to residents and driving innovation.
Before her last role, David was vice president of investments at The Collective before rejoining Greystar as director for urban living in 2019, having previously worked there as an investment associate for two years until 2018. David also founded networking group Ladies in Real Estate.
David said: “MGT has built up an impressive track record and being able to offer global expertise in this asset class will help us to move quickly and identify exciting new opportunities across a segment that remains critically under-served across the UK.”
Morris said: “Adina will play a central role in our ambitious plans to significantly grow our rental living portfolio through a new £1bn investment vehicle.
“Her experience within several vertically integrated businesses will prove invaluable as we look to fund institutional-grade, best-in-class schemes. We believe that injecting best practice around design and operations will not only create better homes for our future residents, but also a significant uplift in performance for our capital partners.”
MGT has an existing £1.4bn stabilised and development portfolio comprising more than 2,000 homes, with projects underway in Reading as well as Battersea and Greenwich in south London. It recently completed a £100m debt funding deal with Deutsche Bank.
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