IMMO has entered the UK market with a series of acquisitions in Greater Manchester.
The European proptech firm has purchased a number of properties in Manchester, Wigan and Salford, following an announcement last year that it was aiming to invest £1bn to buy and retrofit 3,000 homes in the UK by 2025.
It said the local authorities were among the 10 most attractive for institutional investors in terms of risk and return.
In addition to Manchester, it will also target Leeds and Sheffield.
The proptech company aggregates private rental portfolios using artificial intelligence and its own technology and acquires individual homes on behalf of institutional investors such as pension funds and insurers.
IMMO is also exploring the acquisition of new-build homes in energy-efficient developments as part of its plans to build a portfolio of properties with a minimum EPC C rating.
IMMO chief investment officer Samantha Kempe said: “Manchester’s housing market displays all the right characteristics – chiefly compelling supply/demand dynamics and appropriate risk/return profile – for us to start on our mission of acquiring and upcycling more than 3,000 homes across the UK.
“With the UK’s private rental housing stock among the oldest and draughtiest in Europe, it is no surprise there is growing demand from consumers for more sustainable homes.
“Limited government resources mean the investment needed to retrofit Britain’s housing must come from elsewhere, and there is no better place to look than institutional investors who are seeking investments that generate stable income streams and allow them to meet their ESG criteria.
“By doubling down on the Northern Triangle cities, we are also looking to support local industry through hiring locally and creating new rental homes fit for a modern workforce.”
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