LaSalle Investment Management has sold two build-to-rent schemes, five years after paying £55m for the pair.
The investment manager has sold the two properties in London and Leeds to LRC Group for an undisclosed price.
The portfolio comprises 183 flats at Waterside Apartments in Leeds and a further 87 flats at Rathbone East in London.
LaSalle bought the assets in separate transactions in 2016, as the first two direct investments for its UK Private Residential Fund. Waterside Apartments completed in 2008 and Rathbone East was purchased via a forward commitment at England Cities Fund’s Rathbone Market regeneration in Canning Town.
LaSalle IM was advised by JLL. Jack Bergin, living capital markets associate at JLL, said: “Income producing build-to-rent assets in the UK have been historically scarce opportunities. This sale signifies a further maturing of the sector and demonstrates that there is substantial investor appetite for income producing assets of this nature.”
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Images courtesy of JLL
