March 6, 2017BARRATT HOMES SELLS CENTRAL LONDON RESIDENTIAL PORTFOLIO TO HENDERSON PARK AND GREYSTAR PARTNERSHIP FOR £140.5 MILLION
London, 06 March 2017 – Henderson Park, the European real estate investment platform founded by Nick Weber, and Greystar announce that they have acquired a 172-unit Central London residential portfolio from Barratt Developments PLC for £140.5 million. The acquisition marks Henderson Park’s first investment into the London’ Private Rented Sector (PRS) housing market.
The portfolio includes:
- 29 units in the Aldgate Place development (JV with British Land) in Aldgate East’s Zone 1
- 25 units in the Fulham Riverside scheme in west London’s Zone 2
- The forward purchase of a 118-unit tower development at Nine Elms Point, a joint development by Barratt Homes and L&Q, in the Nine Elms regeneration area of London’s Southbank, Zone 1. This will complete once the building is constructed
The high quality apartments will be available to rent from Greystar, with Greystar providing professional management.
David Thomas, chief executive of Barratt Developments plc, said: “This is an excellent opportunity for us, selling 172 units to Henderson Park and Greystar for PRS. In particular the build and sale contract for an entire tower at our Nine Elms Point development enables us to deliver homes more quickly than we would otherwise. We will continue to review such opportunities where there is commercial logic to do so.”
Nick Weber, Founding Partner of Henderson Park, commented: “Our acquisition of this significant Central London residential portfolio from one of the UK’s preeminent housebuilders in Barratt, offers us the rare and sought-after opportunity to immediately gain meaningful access and critical mass in the UK’s highly appealing Private Rented Sector. In Greystar we’ve secured an unrivalled partner to help us effectively deliver the high quality rental experience that the London market has long been waiting for. We look forward to building on our partnership and growing this platform into a meaningful UK PRS business in its own right, leveraging the expertise of all involved parties.”
Mark Allnutt, Managing Director Multifamily, Greystar said: “We’re delighted to secure this portfolio of exceptional properties from one of the UK’s most respected housebuilders and in partnership with such an experienced investment team as Henderson Park.”
Aldgate Place is a high quality, large scale, mixed-use scheme in Zone 1 between the Square Mile and Shoreditch. Upon completion, the development will include 463 apartments within three landmark towers, and a nine-storey hotel. Over 55% of the site area will be retained as public open space.
In a prime central London riverfront position, Fulham Riverside offers 467 new apartments, penthouses and townhouses on this 8.25-acre site. Every home has its own private balcony or terrace, many providing views over the beautifully landscaped podium gardens and some with views over the River Thames. One of Sainsbury’s premier stores is located on the site and open seven days a week for residents’ convenience. The current phase is expected to complete this year.
Nine Elms Point
Nine Elms Point is a Zone 1 development made up of 645 stylish apartments and penthouses, spread over seven distinctive buildings. Located next to the future Nine Elms underground station, which is part of the £1.5bn Northern line extension due for completion in 2019, Nine Elms Point will be exceptionally convenient for residents. A new flagship Sainsbury’s superstore is also being developed on the site. Expected to completion is in late 2019.
About Henderson Park
Henderson Park is a real estate investment platform, recently launched by Nick Weber. Henderson Park is backed by three cornerstone investors: Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
Henderson Park has been established to invest in European real estate, primarily targeting gateway cities and seeking investments in both assets and companies. Henderson Park will pursue opportunities across a wide variety of commercial real estate sectors.
Henderson Park is led by Nick Weber, its Founding Partner and CEO. Nick has over 20 years of real estate experience, including most recently as Head of Europe for Mount Kellett and previously at Goldman Sachs for 14 years, where he was a Partner and Co-Head of its European Special Situations Group.
- Greystar is a leading, fully-integrated, real estate company that specialises in the investment management, development and property management of rental housing
- Headquartered in Charleston, South Carolina, with offices throughout the United States, Europe, and Latin America, Greystar manages approximately 400,000 rental units in 160 markets worldwide. Greystar is the largest operator of rental housing in the United States
- Greystar manages over $14 billion in gross assets on behalf of a global network of institutional investors, including $5.7 billion of developments underway
- In late 2016, Greystar announced a partnership with Macquarie Capital for expansion in the Asia-Pacific region. Greystar Asia-Pac will be Greystar and Macquarie Capital’s exclusive platform in the rental residential sector in the Asia-Pacific region
- Since entering the UK market in 2013, Greystar has built up a rental portfolio worth £2.8 billion by investing in new housing and student accommodation and forward-funded investments in newly developed PRS and student accommodation properties
- Greystar has two multifamily developments underway in the UK – Greenford in West London and Sailmakers in Canary Wharf. Greenford is the first residential scheme in the UK to be designed as a multifamily development from the outset. The 20.3-acre site will provide 1,439 rental homes and 526 homes for sale. Sailmakers is a vibrant mixed-use development located in a prime location on the south quay of Canary Wharf. The development will provide 327 multifamily apartments and 15,000 square feet of amenities
- Greystar aspires to be one of the UK’s largest operators of rental housing. In order to reach this goal, Greystar has a target to increase its UK portfolio to 10,000 rental units within four years.
Edelman (for Barratt Developments PLC)
t: +44 (0)20 3047 2455
FTI Consulting (for Henderson Park):
Richard Sunderland or Ellie Sweeney
t: +44 (0)20 3727 1000
TwoBlue Communications (for Greystar):
t: +44 (0)20 8870 0367