HRF1, which had its maiden close in December last year, is acquiring a portfolio of 171 homes, which was purchased for £24.325 million from the Vista UK Residential Real Estate Fund, managed by Hermes Investment Management and Countrywide Plc.
Contained in this acquisition are four modern low-rise, mid-sized apartment blocks with a combination of one and two bedroomed apartments in areas of strong rental demand and excellent local infrastructure.
Two of these blocks are in Manchester, with one near the city centre and another in Droylsden, an eastern suburb of the city. The other two blocks feature in Birmingham and Nottingham.
Andrew Smith, Partner and Chief Investment Officer, Hearthstone Investment Management stated, “This acquisition is consistent with HRF1’s strategy to build a regionally-diversified private rented sector portfolio comprising houses and low-rise blocks including both new-build schemes and high quality standing stock. We are confident this is an excellent start for the new fund.”
The blocks, currently being used by professionals and young families, will be managed by Hearthstone Investment Management’s asset management team, led by Richard Otten.
“The purchase of an existing privately-rented investment portfolio offers the benefit of an immediate income,” explained Richard.
Advising the vendor were Lambert Smith Hampton acting as agent and Pinsent Masons LLP. Charles Russell Speechlys LLP advised Hearthstone Investment Management Ltd in connection with the acquisition.
Vandersanden recently won the prestigious golden accolade of Deloitte Best Managed Companies. This marks the fourth consecutive year the family business has won the Best Managed Companies award.Posted in Articles, Awards, Bricks & Blocks, Building Industry Events, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Innovations & New Products, Posts, Sustainability & Energy Efficiency, Walls
Construction fastening systems specialist EJOT UK has received its latest internationally recognised endorsement for the quality of its service with the successful renewal of is ISO 9001: 2015 certification.Posted in Articles, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Services, Cladding, Facades, Retrofit & Renovation, Walls
The Glass and Glazing Federation (GGF) Group is pleased to announce strategic changes to its management structure.Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Glass, Glazing, Windows
Critical business assets demand multi-layered security. This principle applies equally to virtual and physical assets: Data may be mission-critical to a business, just as people and premises are, as ASSA ABLOY explains…Posted in Access Control & Door Entry Systems, Architectural Ironmongery, Articles, Building Industry News, Building Products & Structures, Doors, Facility Management & Building Services, Health & Safety, Information Technology, Innovations & New Products, Security and Fire Protection