The John Lewis Partnership (JLP) is to take over the management of hundreds of BTR apartments on behalf of funds managed by abrdn.
From 1 November, JLP will oversee the on-site management of Clarendon Quarter in Leeds, which comprises 325 one- to three-bedroom homes.
Abrdn will remain responsible for the asset management of the building, which it acquired in 2020. Two additional BTR schemes owned by abrdn will be confirmed in the coming months.
The partnership builds on the £500m joint venture JLP forged with abrdn last year, which will see JLP use the investment manager’s capital to build more than 1,000 new homes across three initial sites.
Sophie Hine, head of BTR operations and customer experience for the John Lewis Partnership, said: “We’re committed to bringing the values and trust that Waitrose and John Lewis customers know and love to the rental housing sector. Our presence in Leeds presents a valuable opportunity to engage with residents and provide them with the exceptional service we will deliver as part of our wider strategy to build much-needed quality rental homes.”
Robert McDonnell, fund manager at abrdn, added: “Having worked closely with JLP for almost a year now, it’s great to be delivering on the next phase of the plan as part of our joint venture together. JLP’s move into the BTR market has been carefully planned to ensure that the procedures, processes and systems are all in place to deliver their residential property management business. We are excited that our tenants will get to experience the quality of service that JLP does so well.”
