German investor ECE has taken over two further apartment buildings in Manchester and Leeds, offering a total of 1,750 residential units, as part of its strategic expansion in the UK build-to-rent market.
The deal became effective on completion of the buildings and ECE is now, together with a local build-to-rent specialist, responsible for their long-term operation and leasing.
ECE invested in Birmingham earlier this year with the purchase of an apartment building comprising over 320 residential units. In total, the build-to-rent portfolio held by the Otto family and managed by ECE now comprises a total of 2,100 residential units in the UK’s three biggest and economically strongest cities outside of London.
‘By taking over the two properties in Manchester and Leeds, we are expanding our activities in the build-to-rent business just as planned,’ said Henrie W. Kötter, ECE managing director for the Work & Live business area. ‘We are convinced of the opportunities in this real-estate segment and believe that the strength and appeal of our offering has been effectively confirmed by the rapid and successful leasing of the apartments so shortly after completion.’
ECE entered the build-to-rent segment in the spring. It plans to further expand its activities in this sector, including in other European countries. In addition, ECE, together with partners, is currently developing the '101 on Cleveland' apartment building in London’s West End, featuring 88 high-quality condominiums, 3,500 m2 of retail space, and 15 affordable housing apartments.