Affordable housing developer Pocket Living has sold two rental housing schemes for a combined £70m.
Pocket Living said the deals will provide more than 250 homes across London, with the majority for rent at discounts to market.
The news comes as the developer seeks to diversify its portfolio to include a variety of affordable rental options, alongside its traditional discount-for-sale product.
The deals include a 197-home property at Osier Way in Leyton, east London, which is a majority rental offer. The buyer was not disclosed.
The developer has also sold a rental scheme at King’s Cross, N1, to CBRE Investment Management on behalf of its UK Affordable Housing Fund. Cadence, a development of 60 homes, provides housing in Camden.
Paul Rickard, chief financial officer at Pocket Living, said: “It should not be underestimated how important this milestone is for the development and growth of Pocket Living. For 18 years, we’ve been at the forefront of innovation in London’s housing sector, and our delivery in the rental market is a continuation of this legacy.”
CBRE advised Pocket.
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