Lloyds Living has acquired a single-family rental (SFR) portfolio from TPG Real Estate and Gatehouse Living Group for an undisclosed price.
The 610-home Start Living portfolio, which was established through a joint venture formed by TPG and Gatehouse in 2021, comprises 578 two- to-four-bedroom homes and 32 low-rise apartments in the West Midlands, Nottinghamshire, Lincolnshire and Merseyside.
Ascend will continue to operate the properties under the ownership of Lloyds Living.
James Piper, partner at TPG, said: “We established our joint venture four years ago in recognition of the meaningful gap that exists between the UK’s growing population and its limited housing supply. We are proud to have partnered with Gatehouse Living Group to develop a dynamic portfolio of high-quality, well-located homes uniquely tailored to the needs of modern renters. The transaction reflects TPG Real Estate’s thematic approach and focus on building and scaling leading platforms and portfolios.”
Paul Stockwell, chief executive officer of Gatehouse Living Group, added: “We are proud to have partnered with TPG Real Estate in building this portfolio, and its disposal – our third overall, and second in less than a year – represents another achievement for our unique vertically integrated investment, asset and property management platform.
“Our approach has seen 5,000 homes delivered or under construction – and over £1bn of capital deployed – and we look forward to further growth as SFR becomes an ever more important pillar of the UK’s housing mix.”
CBRE advised TPG and Gatehouse on the sale.
