US real estate, investment and management company Cortland has bought Leeds-based
Cortland says it intends to
create a market-leading position in the UK’s build to rent (BTR) sector and
that it plans to invest £4bn ($4.9bn) to grow a portfolio of at least 10,000
professionally managed rental homes and also provide third party management.
Cortland owns more than 55,000 rental apartments in 18
cities across the USA and opened
office in 2017. Leeds based LIV Group was one of the earliest entrants to UK build to
rent. It operates around 2,000 BTR homes, block management for nearly 8,000 with
plans to add 7,000 by the end of 2021 and also operates a consultancy service.
The purchase price has not been disclosed.
Cortland CEO Steven
DeFrancis commented: “LIV Group shares our passion for the resident and is
built upon a deep expertise in property management with a unique understanding
of brand and culture. We felt an immediate kinship and saw a great opportunity
to bring our resident-first rental experience to the UK, and our purchase of LIV will
help accelerate that.”
This purchase comes hot on
the heels of the purchase of UK
build to rent developer Telford Homes by US-based CBRE Group Inc. It seems to
suggest that property entrepreneurs in the US see great potential in the UK build
to rent sector going forward – either that or that the current pound-dollar
exchange rate is providing them with an opportunity to buy that is too good to