UK privately backed residential company Get Living has inked a recapitalisation deal with UK-focused investment group Delancey and Canada's Oxford Properties Group, to target an eventual portfoio of over 12,500 homes.
The Delancey-advised client fund DV4 and Oxford Properties, the global real estate arm of OMERS, have formed Delancey Oxford Residential (DOOR), a new co-investment platform with initial capital commitments of around £600 mln.
'Oxford is delighted to be partnering with Delancey and DV4 on our first investment into the private rented sector in the UK,' said Paul Brundage, executive vice president and senior managing director, Europe and Asia Pacific, Oxford Properties.
DOOR will take approximately 39% ownership of the current Get Living portfolio which comprises over 2,000 existing homes across two London schemes at East Village, the former Athlete’s Village on the Olympic Park in Stratford, and Elephant Central in Elephant and Castle (E&C).
These schemes sit alongside a development pipeline of approximately 4,400 homes, both at East Village and E&C as well as two sites in the key regional cities of Glasgow and Leeds. Planning has recently been secured for the E&C and Glasgow sites.
Dutch pension fund APG and sovereign wealth fund Qatari Diar will respectively hold the remaining 39% and 22% of the Get Living portfolio.
'Delancey and DV4 remain strongly committed to the residential sector in the UK after being an early adopter of the award-winning London 2012 legacy neighbourhood, East Village, and we are excited about the prospects for working alongside Oxford and our existing partners Qatari Diar and APG, to further ourselves as leaders in this fast evolving sector,' said Jamie Ritblat, founder and CEO of Delancey.
Future opportunities will include neighbourhoods with a minimum of 400 build-to-rent homes, and will comprise residential-led, mixed-use schemes with complementary student, co-living, retail, leisure, culture, hospitality and educational uses.
Delancey with Oxford and Qatari Diar will continue to act as development managers on the various schemes, with an eventual portfolio target of over 12,500 units.