February 19, 2019HENDERSON PARK AND GREYSTAR ACQUIRE SIGNIFICANT EAST LONDON BUILD-TO-RENT DEVELOPMENT FROM TELFORD HOMES FOR £105.5 MILLION
London, 19 February 2019: Henderson Park, the European real estate investment platform, and Greystar Real Estate Partners, LLC (“Greystar”) a global leader in the investment, development and management of high-quality rental housing communities, today announce that they have exchanged contracts with Telford Homes Plc (AIM: TEF) to acquire all 257 market rental homes within the Equipment Works development site in Walthamstow, London. The acquisition further extends the Henderson Park and Greystar joint venture’s high-quality build to rent portfolio in London to c.1,000 apartments.
The transaction comprises the acquisition of the freehold interest in the land and the construction of 257 build-to-rent homes, in the capital’s E17 postcode for a net consideration of £105.5 million. The Equipment Works acquisition is on a forward-funded basis and will comprise an initial land payment followed by regular payments throughout the construction period and a final profit payment.
The 3.16-acre Equipment Works site in the London Borough of Waltham Forest was purchased by Telford Homes in December 2017 and has full planning consent for 337 new homes including 80 affordable homes and 18,830 square feet of flexible commercial space.
The development is serviced by excellent transport links being situated close to Blackhorse Road station on the Victoria line and London Overground. The development is under construction and is anticipated to be completed in late 2021.
This is the second build-to-rent investment Henderson Park and Greystar have made in joint venture following their earlier acquisition of a c.550-unit residential development in Croydon, which comprises the world’s tallest towers being built using modular construction. Henderson Park and Greystar also invested in a portfolio of 172 apartments spread across three Central London schemes that was acquired from Barratt Homes in 2017.
This is also the third time Greystar has worked with Telford Homes in London following Telford’s recent land purchase at Greenford and the partnership to deliver 894 rental homes at Nine Elms, Battersea.
Nick Weber, Founding Partner of Henderson Park, commented: “The demand for housing in London continues to outstrip supply and with home ownership at unaffordable levels for many people, the need for new rental homes is growing rapidly. This shortage is further compounded by the current lack of professionally managed build-to-rent product in the UK, with existing rental stock largely dated and in need of modernisation. This exciting development is in an area experiencing significant regeneration and will bring first class homes to the community of Walthamstow. We are also pleased to be working to deliver this scheme with Telford Homes and Greystar, with whom we are also working with on other projects across London, which will offer an attractive solution to renters in the capital.”
Mark Allnutt, Senior Managing Director UK of Greystar, said: “This transaction not only represents an exciting expansion of our London footprint, but also demonstrates our long-term commitment to providing high-quality properties that match residents’ demands for value and service. We are thrilled to continue working with Telford Homes and Henderson Park through this project, which will create significant economic and social benefits for the local community.”
Jon Di-Stefano, Chief Executive of Telford Homes, commented: “We are delighted to have secured another forward-funded, build-to-rent sale and especially to have further cemented our strong relationship with Greystar. This transaction demonstrates our increasing commitment to London’s growing build-to-rent market and underpins our strategy to continue to scale our build-to-rent pipeline whilst providing certainty over future revenues and cash flows and delivering excellent returns on capital.”
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For more information contact:
|FTI Consulting for Henderson Park: Richard Sunderland, Ellie Sweeney, Eve Kirmatzis||+44 (0)20 3727 1000Hendersonpark@fticonsulting.com|
|Greystar media enquiries:Finsbury (PR adviser)Gordon SimpsonJames Thompson||Tel: +44 (0) 20 7251 firstname.lastname@example.org@finsbury.com|
|Telford Homes media enquiries:Buchanan (PR adviser)Henry Harrison-Topham / Steph Watson / Catriona Flint||Tel: +44 (0) 20 7466 email@example.com|
NOTES TO EDITORS:
About Henderson Park
Henderson Park is a real estate investment platform which was launched in late 2016. It has already built a $3.5 billion portfolio of landmark European real estate assets across four countries and a high quality team of 26 professionals. 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 25 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 offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $115B of real estate in over 180 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing approximately 500,000 units/beds, and has a robust institutional investment management platform with $32B of assets under management including $12BN of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.