Patrizia has agreed to acquire a 281-home build-to-rent scheme in Reading from Berkeley Homes.
Olivers Place is located within Berkeley’s 765-home Huntley Wharf regeneration. Housing association L&Q secured consent for the scheme in 2018 and subsequently brought Berkeley Homes on board as joint venture partner.
The German fund manager said it struck a deal with the FTSE 100 housebuilder for an undisclosed amount.
Comparable BTR schemes in the area, such as M&G’s £120m Thames Quarter (315 homes) and Lincoln MGT’s Station Hill (600 homes) suggest a valuation of at least £100m.
The acquisition follows a recent return to UK BTR from Patrizia, paying £39.5m for a 102-flat scheme in Park Royal and committing to a £90m scheme in Birmingham’s Edgbaston, adding a further 375 flats to the portfolio.
Antonio Marin-Bataller, director for pan-European transactions at Patrizia, said: “Reading represents a huge opportunity for high-specification BTR accommodation as the economic capital of Thames Valley.
“It is also a major hub for finance and technology firms, has a top-30-ranked university and benefits from strong connections to London, which will only improve next year with the opening of Crossrail.”
CBRE advised Berkeley Homes. Campbell Gordon and Haslams Estate Agents advised Patrizia.
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