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

DensDeck
Mitsubshi Electric

Family Day Workshop by Mitsubishi Electric

If you are an architecture or environmental enthusiast, bring your children along to a family day of fun and educational activities at the Building Centre on Saturday 22nd June – Mitsubishi Electric will deliver its award-winning programme, The Learning Curve (with a few twists), designed to teach children about energy use and energy efficiency.

Posted in Articles, Building Industry Events, Building Industry News, Building Products & Structures, Building Services, Facility Management & Building Services, Heating Systems, Controls and Management, Heating, Ventilation and Air Conditioning - HVAC, Pipes & Fittings, Plumbing, Retrofit & Renovation, Sustainability & Energy Efficiency

Keller

Keller Kitchens excels in Kiwa assessment

Keller Kitchens has been reassessed by Kiwa, a European institute that is involved in the certification of processes, products, employees and organisations. Once again, the company passed with flying colours!

Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Services, Interior Design & Construction, Interiors, Kitchens, Research & Materials Testing, Restoration & Refurbishment, Retrofit & Renovation, Sustainability & Energy Efficiency

National Ventilation

National Ventilation’s Operations Director Completes D-Day 44 Challenge

Alan Parkinson, Operations Director at National Ventilation, has completed the D-Day 44 Challenge in aid of Combat Stress, the UK’s leading charity for veterans’ mental health.

Posted in Air Conditioning, Articles, Building Industry Events, Building Industry News, Building Products & Structures, Building Services, Charity work, Heating, Ventilation and Air Conditioning - HVAC