US-based multi-family investor Cortland has acquired British residential asset manager, LIV Group, marking the American firm’s first step in the UK market.
Financial details were not disclosed.
The takeover is part of Cortland’s plan to build a presence in the UK by investing up to €4.34 bn in the build-to-rent (BTR) sector. It is aiming to develop a portfolio of 10,000 homes, the company said.
The purchase of LIV sees Cortland acquire a business which has operated around 2,000 BTR properties, with 7,000 in the pipeline until 2021. Cortland also acquires LIV Consult, which is a design, lifecycle, viability and operations consultancy for the BTR sector, and also LIV’s residential block management business, which oversees around 8,000 leasehold properties.
Steven DeFrancis, Cortland CEO, said: ‘At Cortland, we believe that everything stems from our commitment to placing the resident at the centre of our business decisions. 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, so 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.’
LIV Group co-founder, Graham Bates said: ‘As the leading management platform for BTR, we are at the forefront of the revolution to change the private rented market into a professional, fit-for-purpose customer-driven service, where residents feel that their needs are taken seriously.’
Cortland owns over 55,000 rental apartments in 18 cities across the United States. It first opened a UK office in 2017.
last year, BTR investment in the UK rose 11% year-on-year to €2.82 bn.