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.
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