Joint venture partners GREYKITE European Real Estate Fund I and Gatehouse Living Group have acquired two off-market portfolios of purpose-built single-family rental (SFR) homes for a new SFR platform brand launched by GREYKITE.
The JV bought the portfolios from Keepmoat and Barratt Redrow and intend to use the brand across the new platform, which is called Uniqhomes.
Since the £750m JV launched in November last year, it has acquired a portfolio of more than 1,000 homes across 26 sites.
The six-site portfolio purchased from Keepmoat comprises more than 250 homes located across Yorkshire, and the three-site portfolio from Barratt Redrow spans more than 130 homes in Lancashire and Shropshire. All the homes will be managed by Ascend.
Uniqhomes has taken possession of more than 200 home in the JV’s porfolio and is expected to add a further 700 homes by the end of 2025. The JV has secured committed senior financing from NatWest for its entire 26-site portfolio.
In anticipation of entering the income production and stabilisation phase, the JV has also converted its asset holding structure into a non-traded UK REIT, which will be chaired by GREYKITE senior partner Dan Valenzano.
Michael Abel, founder and CEO of GREYKITE, said: “The launch of Uniqhomes and the continued growth of our UK SFR strategy is a further example of GREYKITE’s ability to build and scale platforms in our high conviction sectors. We look forward to developing the Uniqhomes brand as we continue to build a differentiated SFR platform, and we remain very pleased with the significant recent institutional investment activity across the sector.”
Valenzano added: “I am excited to be chairing this important platform for GREYKITE. 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. Building on our strong progress to date, we look forward to bringing these sites forward with our new delivery partners at Keepmoat and Barratt, and with the ongoing support and financing of NatWest.”
Paul Stockwell, group managing director of Gatehouse Living Group, said: “These latest acquisitions – strategically located and meeting key sustainability criteria – are perfectly aligned with the platform’s investment approach, and represent significant additions to the portfolio. The speed with which we have been able to deploy capital – acquiring over 1,000 properties for the GREYKITE strategy in just seven months – and deliver homes highlights the capabilities across the entire team and demonstrates our level of ambition in the SFR sector.”
