Le mie ricette per la real estate communityOxford Properties Group , a leading global investor, developer and manager of commercial real estate, and Delancey Real Estate Asset Management Limited , announce that DOOR S.L.P. (“DOOR”), has raised further commitments of £260 million and £150 million from Allianz Real Estate acting on behalf of several Allianz group companies, and Local Pensions Partnership (“LPP”) respectively. The latest closing brings DOOR’s current equity commitments to £1.2 billion, following the initial seed capital from Oxford and DV4, and the £250 million commitment from €95 billion Swedish pension fund Alecta that was announced in March this year. The capital will be used to invest in Get Living’s existing development pipeline and for further large-scale acquisition opportunities as the platform pursues its ambition to become the pre-eminent UK-wide build-to-rent provider.
DOOR is a dedicated residential investment vehicle, co-sponsored by Oxford and DV4 Limited (“DV4”), a Delancey advised client fund, which, alongside APG Asset Management and Qatari Diar as separate shareholders, owns Get Living, the UK’s most experienced and progressive build-to-rent operator of large-scale residential neighbourhoods.
The private rental sector has shown itself to be one of the most resilient asset classes in relation to the impact of Covid-19. The equity will be put towards the continued growth of Get Living’s portfolio, which is targeting up to 12,000-14,000 homes, a scale which will help drive further operational efficiencies, investor outperformance, and an exceptional customer proposition.
DOOR, which was seeded with £600 million of capital from Oxford and DV4, acquired a 39% stake in Get Living in August 2018. DOOR subsequently selectively approached large-scale like-minded strategic capital to participate alongside their initial investment.
Get Living recently announced a £252 million forward funding deal to accelerate the delivery of the second and final phase of Lewisham Gateway, one of the largest regeneration schemes in the South East. It will take the total number of homes within Get Living’s management and pipeline to more than 8,000 homes across four cities.
Get Living currently comprises approximately 2,900 operational homes, mainly across two London schemes at East Village, the former London 2012 Athletes’ Village at Queen Elizabeth Olympic Park in Stratford, and Elephant Central in Elephant and Castle, with a smaller neighbourhood, New Maker Yards, at Middlewood Locks, Manchester. The portfolio also features approximately 1,800 homes currently under construction and a secured development pipeline of 3,500 homes, located at East Village, Elephant & Castle, Lewisham and Middlewood Locks, as well as two sites in the key regional cities of Glasgow and Leeds. Delancey and Qatari Diar act as Development Managers on the various schemes.
Get Living’s strategy is underpinned by an ongoing lack of high-quality rental accommodation in the UK, combined with unaffordability of house prices for first time buyers. This has created substantial demand in the nascent professional build-to-rent sector which has been supported by significant institutional investment over the past few years.
Get Living continues to target large scale development sites across the UK that comprise 400 units or more once complete to create vibrant residential-led neighbourhoods, as well as stabilised assets, forward funding and corporate acquisitions.
Pic : East Village, London (former 2012 Athletes’ Village at Queen Elizabeth Olympic Park)
Source : Oxford