Hearthstone

Hearthstone Residential Fund 1 Makes First Acquisition

  • 13 Feb 2018

Hearthstone Investment Management Limited, a property focused institutional investment manager, has made its first acquisition for Hearthstone Residential Fund 1 (HRF1), a private equity vehicle investing into the UK’s private rented sector.

 

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.

 

 

Leave a Reply

Latest news

GAI

Enrolment now open for GAI door hardware qualification

Architectural ironmongers are being encouraged by the GAI to demonstrate their competence for specifying door hardware by gaining a diploma in architectural ironmongery in preparation for industry changes.

Posted in Architectural Ironmongery, Articles, Building Associations & Institutes, Building Industry Events, Building Industry News, Building Products & Structures, Training

Schuco

Schüco launches advanced unitised façade system

Aluminium systems specialist Schüco is launching its new unitised UDC 80 façade system, combining enhanced energy efficiency with design versatility and proven weather resistant performance.

Posted in Aluminium Products, Articles, Building Industry News, Building Products & Structures, Building Systems, Facades, Innovations & New Products, Restoration & Refurbishment, Retrofit & Renovation, Sustainability & Energy Efficiency, Walls

Knightsbridge

Knightsbridge rewrites the script with new blockbuster catalogue

Knightsbridge, one of the UK’s leading brands of wiring devices, accessories and lighting, has published its new 2021 catalogue, which became available to the trade at the beginning of September.

Posted in Articles, Building Industry News, Building Products & Structures, Information Technology, Innovations & New Products, Lighting, Posts, Publications

Delta

The Best Design Philosophy for continuity of waterproofing systems with Delta

A Waterproofing Designer’s philosophy defines what they wish to accomplish in the design of their waterproofing system and which principles they will use to do so, as Delta explain here.

Posted in Articles, Building Industry News, Building Products & Structures, Building Services, Damp & Waterproofing, Membranes, Posts, Restoration & Refurbishment, Retrofit & Renovation, Walls