Chicago-based property investor CA Ventures has hired Tim Phillips as head of Residential Europe to spearhead its entry into the European BTR market.
Based in London, Phillips will be responsible for the development of BTR and Private Rented Sector (PRS) assets across Europe, starting with the UK. CA Ventures is committed to initially investing in the development of £200 mln in BTR and PRS assets in Europe per annum, ramping up to £380 mln by 2025.
Phillips has over 14 years’ experience in the real estate industry, most recently as a Director at Lothbury Investment Management. There he led a corporate expansion into the residential sector; establishing, promoting and raising capital for a new investment vehicle in order to acquire, develop and operate PRS and BTR assets.
PropertyEU first reported in October last year that the property giant was looking into entering the BTR segment in Europe. ‘We are targeting PRS projects in all the major UK cities including London, Birmingham, Liverpool and Manchester, with a focus on mid-size assets of 200-300 units with a lot of amenities,’ CA Ventures’ head of Europe Carlo Matta told us at the time.
The group will also look beyond the UK at major cities including Milan, Madrid, Barcelona and Lisbon. ‘We want this segment to become a significant part of our European business,’ said Matta, who joined CA Ventures in 2018 from Actis’s London development platform.
The move follows CA Ventures’ launch into the European PBSA market, where the company is currently executing £500 mln of development. This includes three developments under construction, which will deliver 888 beds in Edinburgh, Glasgow and Sheffield.
Carlo Matta, head of Europe, CA Ventures said: 'Tim’s appointment comes as the residential housing market across Europe continues to evolve. We are seeing a shift from ownership to renting and we expect this trend to continue over the coming years, especially as there is growing demand for more flexible living arrangements
“We believe there is enormous potential in a sector that is seeing record levels of year-on-year investment and, with over a decade in the industry, I’m fully confident Tim will successfully lead the CA Ventures team’s expansion into the sector.'