CompassRock International has acquired the freehold interest in Patrizia’s 279-home Bow Square BTR development in Southampton.
The scheme spans 190,000 sq ft and includes 84 one-bedroom and 195 two-bedroom homes.
Bow Square also boasts extensive on-site amenities, including a residents’ lounge, gym, yoga studio, meeting room and courtyard garden, as well as 6,000 sq ft of flexible commercial space.
Bow Square is fully operational, at close to 100% occupancy, having been completed in three phases between 2017 and 2018.
The scheme is well located in the heart of Southampton, close to the Westquay Shopping Centre and Ocean Village Marina.
Knight Frank advised Patrizia on the deal.
Antonio Marin-Bataller, managing director of pan-European residential transactions at Patrizia, said: “As one of the early movers into UK BTR with our acquisition of the Bow Square site in 2015, our strategic disposal of the asset completes a successful full investment cycle, delivering strong returns for investors and crystallising the performance for one of our flagship value-add funds.
“Having invested in the asset from development through to disposal, we look forward to capitalising on similar opportunities in the UK living sector and leveraging our expertise in creating significant value for clients.”
David Woodward, chief executive of CompassRock International, said: “We will be leveraging deep experience in this sector from the US, as well as our asset and property management experience from the UK, to make improvements to this asset and bring a very high level of customer service to our residents.”
Lloyd Wraith, a partner in the residential investment team at Knight Frank, said: “Despite significant macroeconomic headwinds and severe fiscal tightening, competition between global investors was fierce, highlighting BTR’s enduring appeal.”
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