Watkin Jones has agreed the sale of a portfolio of three freehold PRS assets to L1 Property – the real estate fund management arm of L1 Capital – for an undisclosed price.
The portfolio comprises 174 units – 78 units at Gateway (pictured) and 43 at Impact, both in Sheffield, and 53 units at The Wharf, in Droylsden, Greater Manchester.
George Dyer, group investment director at Watkin Jones said: “We are pleased to undertake our first transaction with L1 Property. The sale of these assets represents the culmination of our business plan and will enable us to recycle the proceeds into further land opportunities as we look to grow our pipeline in the coming months.”
David Lamm, chief executive officer of L1 Property, added: “We are enthusiastic about this transaction with Watkin Jones to acquire three landmark buildings in Sheffield and Greater Manchester, two cities we recognise for their dynamic economies and promising long-term prospects.”
Thomas Collins, chief operating officer of L1 Property, said: “This transaction aligns perfectly with our vision to enhance the living experience, add significant value through asset management, and continue to develop our fully integrated property management platform.”
Watkin Jones was advised on the transaction by Savills and Mishcon de Reya.
