Savills Investment Management has spent £50m on its first two build-to-rent sites.
The forward-funded single-family residential sites in the Midlands, both developed by Urban & Civic, were bought in off-market transactions.
They are the first schemes to be added to the investment manager’s BTR portfolio, following its acquisition of BTR developer Pitmore in August 2022.
Head of living Jon Crossfield said: “We are delighted to have acquired these two sites, both at attractive prices against the backdrop of the single-family forward funding market.”
He added that the fact that both transactions were sourced off-market “further illustrates our team’s in-depth knowledge of the sector”, which had been augmented by the addition of the Pitmore team.
The first site, at Houlton near Rugby in Warwickshire, totals 149 homes and is part of a broader masterplan to deliver 5,950 homes alongside four new schools and 40 acres of green open space.
The second site, at Alconbury Weald in Cambridgeshire, comprises 49 homes as part of a broader scheme set to deliver 6,500 new homes. The Homes England flagship will also feature parks, play areas and more than 200 acres of woodland and green space.
Savills IM worked with Brotherton to procure development finance from Bank Leumi.
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