Gatehouse IM acquires 127 single-family rental units from Avant Homes as part of Carlyle joint venture
Corporate
05 Aug 2024
£26 million deal for homes across three sites in Midlands and South Yorkshire
Avant Homes has sold a portfolio of 127 single-family rental (SFR) homes to a joint venture between Gatehouse Investment Management and global investment firm Carlyle (NASDAQ: CG) for £26 million as part of its multi-tenure growth strategy.
The housebuilder will deliver 45 homes at its Pavilion Acres development in Walsall, 42 at Eden Fields in Edenthorpe, Doncaster, and 40 at Bennerley View in Awsworth, Nottinghamshire. The agreement is the first of its type between Avant Homes and Gatehouse IM.
The two-, three- and four-bedroom plots are already under construction, with first completions expected next October and the final homes handed over by February 2026. All three locations provide access to good transport links and excellent new amenities, with the homes having an EPC rating of ‘B’ or higher as part of Gatehouse IM’s commitment to sustainability.
Avant Homes’ multi-tenure growth strategy has also secured a near-term pipeline of more than 500 affordable homes to be delivered across 17 developments, in addition to 600 Section 106 affordable homes which are currently under construction.
The joint venture between Gatehouse IM and Carlyle has completed the purchase of, or is under offer on, over 820 homes nationwide. Day-to-day management will be undertaken by Ascend, the UK’s largest third-party operator of SFR, which oversees 7,500 institutional SFR homes, around two thirds of the entire asset class.
John Coles, Director of Acquisitions at Gatehouse IM, said: “We are pleased to have signed our first deal with Avant, which has a fantastic track record of delivering the sort of high-quality homes in well-amenitised locations that we target. We look forward to the homes being delivered, and working with Avant on future transactions.”
Timothy Pegg, Avant Homes Group property and multi-tenure director, added: “Our PRS offer forms an important part of our growth strategy to better serve the needs of our customers and their communities. We are therefore very pleased to have secured this first deal with such highly regarded and established players in the PRS sector as Gatehouse IM and Carlyle. We hope it is the first of many as we continue to expand our multi-tenure business to deliver quality homes for everyone which are affordable and meet a range of housing needs.”
Anssi Halonen, Managing Director and Head of Acquisitions on the Carlyle Europe Realty advisory team, said: “We are delighted to make these additions which bolster our UK residential platform, alongside our partners Gatehouse. These high-quality homes will be a key component of the housing mix in their respective communities, and exemplify our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals.”
Headquartered in Barlborough, near Chesterfield, Avant Homes Group employs more than 600 people. The housebuilder’s ambition is to develop its multi-tenure business further across its existing regions and beyond, creating communities as well as providing employment opportunities.
Gatehouse IM is part of Gatehouse Living Group, a vertically-integrated residential real estate investment and management platform with a unique market position and unrivalled track record.
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Gatehouse IM acquires 127 single-family rental units from Avant Homes as part of Carlyle joint venture
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