Greykite Fund Snaps Up 2 More Sites In £750M SFR Push
Greykite European Real Estate Fund I and Gatehouse Living Group have acquired two off-market purpose-built single-family rental home portfolios from housebuilders Keepmoat and Barratt Redrow on behalf of their recently launched £750M joint venture.
The deals have taken their portfolio to more than 1,000 homes across 26 sites since the launch of the joint venture in November. Greykite has also launched Uniqhomes as its UK SFR platform brand, which will be adopted by the JV across its portfolio.
The newly acquired properties are on established suburban housing sites in locations with “supportive demographic fundamentals and strong transport links and local amenities,” the companies said.
The six-site portfolio from Keepmoat totals more than 250 homes across Yorkshire, and the three-site portfolio from Barratt Redrow comprises more than 130 homes in Lancashire and Shropshire. As with previous acquisitions, all homes will have a B energy performance certificate rating or higher and will be managed by Ascend.
Of the 1,000-plus SFR homes in the portfolio, Uniqhomes has taken possession of more than 200, with a further 700 homes forecast for delivery by the end of 2025. The JV has also secured senior financing from NatWest for the now-26-site portfolio.
The JV has also converted its asset holding structure into a nontraded UK REIT to be chaired by Greykite senior partner Dan Valenzano.
“Conversion to a non-traded UK REIT is an appropriate holding structure for Uniqhomes, supporting its ability to make income distributions and continue to scale through acquisitions,” Valenzano said in a statement.
The joint venture acquired an initial seed portfolio across 11 sites in November, with locations across the Midlands, Yorkshire and the north-east, from housebuilder Persimmon Homes.
The JV said at the time that it would seek to partner with a range of housebuilders, including Persimmon, to deploy circa £750M to create a portfolio of around 2,500 newly built SFR homes. It set out an objective to focus on “critically undersupplied strategic regional locations” that have strong economic, demographic and employment drivers.
