UK build-to-rent company Packaged Living has formed a joint venture with USAA Real Estate to develop a £1bn portfolio of BTR assets across the UK.
The jv has acquired a site in Liverpool for its first development (pictured) and plans to submit a planning application in the coming months.
Packaged Living and USAA Real Estate are targeting a portfolio of several thousand units across the country. The jv will start with multifamily assets and expand into a diversified BTR portfolio.
Packaged Living founder and managing director Ed Ellerington said: “The UK has long had a mismatch between the demand for homes and the volume supplied to the market.
“Our jv will focus on creating best-in-class multifamily BTR assets where the need is greatest, whilst also delivering properties that are fit for the future, combining quality finishes with high energy efficiency, and lower costs.”
USAA Real Estate executive managing director and head of Europe Justin Hildebrandt said: “We see an opportunity to capitalise on unmet consumer and investor demand for institutionally-owned multifamily housing in the UK through developing rental homes in locations with compelling market dynamics and buildings that have market-leading design, sustainability metrics, and amenities.
“Having already developed and invested in US multifamily in scale for decades, it was a natural choice to enter the UK market.”
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