Addleshaw Goddard has advised on the creation of the UK’s largest single ‘build to rent’ development portfolio in the Private Rental Sector (PRS) to date.
Acting for Dandara Group, the deal will see the development of over 2,000 high quality rented apartments. The transaction is the latest sign that PRS can bring in substantial additional housing and become recognised as an institutional asset class.
The portfolio, which sees support from the Homes & Communities Agency (HCA) and HSBC Bank PLC, will deliver 995 apartments in Manchester, 744 in Leeds and 323 in Birmingham to create a PRS portfolio with an estimated GDV in excess of £400m.
The developments will help meet demand for rented homes and directly supports the Government’s £3bn Home Building Fund, which is intended to help to build more than 25,000 new homes and up to 200,000 in the longer term.
The Addleshaw Goddard team was led by Head of Funds and Indirect Real Estate and joint Head of the Real Estate Sector, Lee Sheldon, alongside Peter Sayer (Commercial Tax), Peter Hardy (Real Estate), Paul Salsbury (Finance) and a team of dedicated associates from across the firm’s practice areas.
Law Firms: Addleshaw Goddard;
Clients: Dandara Group;