In a significant multi-site deal with a national housebuilder, HRF1 has agreed to purchase 72 two-, three- and four-bedroom houses scheduled to be completed in 2019 for a phased delivery between January and December.
The new build homes are located in Exeter (28), Bicester (11), Rugby (9) and Pontefract (24), all towns that are expanding, have good infrastructure and transport connections and strong local economies.
John Coles, Asset Manager, Hearthstone Investment Management, commented: “This is the largest deal HRF1 has completed to date with a single housebuilder.
“The purchase of such a significant number of houses across several sites is consistent with the fund’s regional diversification strategy to the different regions across the UK.”
The phased delivery provides HRF1 with a controlled delivery pipeline of approximately five to ten houses per month stretching throughout 2019.
HRF1 has also agreed to purchase a further nine three-bedroom houses in Ashby-dela-Zouch from another major national housebuilder.
Richard Otten, Partner & Director of Asset Management, Hearthstone Investment Management, explained: “With this latest round of acquisitions, we are now working with a total of six major housebuilders across the UK.
“It has been a core part of the strategy for HRF1 to work with a small group of housebuilders to establish relationships and source good quality houses in suburban regional areas that offer sustainable employment opportunities.”
HRF1 is advised by Womble Bond Dickinson (UK) LLP.
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