Ivanhoé Cambridge and Residential Land have completed the purchase of two London residential blocks for a total of £160m.
The partners have acquired Hamlet Gardens in Ravenscourt Park, W6, and 4B Merchant Square in Paddington, W2.
Hamlet Gardens contains 122 flats. Merchant Square consists of 60 flats in a European Land-developed scheme.
Residential Land said in June that it was acquiring the stake in the Merchant Square from Amcorp with a plan to reposition the flats to improve the rent roll to £2.7m.
In total, Ivanhoé Cambridge and Residential Land now own 16 residential assets across London.
Sylvain Fortier, executive vice president and global chief investment officer at Ivanhoé Cambridge, said, “These acquisitions further our investment strategy of acquiring quality residential properties in key submarkets of London.
“London remains a very attractive market, especially for this type of high-demand residential product. Our partnership of the last four years with Residential Land is a competitive advantage for our success there.”
