LaSalle Investment Management has hired the head of the government’s private rented sector task force as it prepares for a £400m assault on the sector.
Andrew Stanford will join LaSalle in April as residential fund manager with responsibility for developing and implementing the firm’s residential strategy, including strategic planning, acquisitions and disposals, asset management and fund performance.
He joins from the department for communities and local government where is currently on secondment from Stanford Mallinson, a mixed-use property consultancy he founded.
LaSalle has also hired JLL head of PRS investment Tom Henry as a director of residential transactions.
Henry, who founded JLL’s dedicated PRS team in 2012, will join LaSalle in February.
He will lead on the firm’s residential acquisitions on behalf of its investment vehicles and other UK separate account mandates.
LaSalle has earmarked up to £400m to invest in the sector over the next two years as it looks to tap in to the growing demand for purpose-built private rented housing.
UK managing director Alan Tripp said the growing demand, coupled with the “attractive long-term real returns” on offer made a compelling case for investment in the PRS sector.
“As a result, we believe that residential will become an increasingly significant part of institutional investors’ portfolios,” he said.
Stanford added: “Momentum in the private rented sector has increased significantly and investors are now identifying residential as an integral component of any portfolio.”
