The investors behind build-to-rent behemoth Get Living have raised £410m from Allianz Real Estate and Local Pensions Partnership. The DOOR investment vehicle has secured £260m from Allianz and £150m from Local Pensions Partnership, bringing the platform to £1.2bn.
DOOR is a dedicated residential investment vehicle co-sponsored by Oxford Properties and Delancey-advised fund DV4, alongside APG Asset Management and Qatari Diar.
It will use the finance to bring forward Get Living’s existing development pipeline and to fund further large-scale acquisitions. The group is seeking sites in excess of 400 homes, as well as stabilised assets, forward funding and corporate acquisitions.
Joanne McNamara, head of Europe at Oxford Properties, said: “The residential rental sector has demonstrated its resilience during the pandemic, and the long-term fundamentals underpinning the asset class remain unchanged.
“We now have strong momentum behind us to continue our expansion as part of Oxford’s global diversification strategy to invest in demographically supported asset classes such as multifamily.”
Get Living has a portfolio of around 2,900 operational BTR flats, with 1,800 under construction and a secured development pipeline of 3,500 flats.
As a result of the coronavirus pandemic, many BTR investors have put new commitments on ice, amid economic uncertainty and slow rental growth. A recent survey found that 23% of BTR investors are considering pausing their plans. However, DOOR and Get Living have continued to pursue investments and in July completed the largest deal this year with a £252m forward funding commitment at Lewisham Gateway (pictured).
Lazard and Eastdil advised DOOR on the fundraise.
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