Long Harbour has acquired 105 single-family homes (SFH) in Newhall, Harlow, from housebuilder Vistry Group through a forward-funding structure for an undisclosed price.
The homes form part of the wider Newhall Masterplan, which comprises 2,135 units. The acquisition was made on behalf of Long Harbour’s latest SFH fund, which recently secured a £300m seed equity commitment from South Korea’s National Pension Service (NPS).
Long Harbour is seeking to execute an initial deployment of up to £600m into SFH assets, including forward-funded, forward-purchase and standing stock opportunities. The fund has a total target raise of £1.2bn and is acquiring new-build homes across the UK with a focus on the South and South East of England.
Jack Spearman, managing director of single-family housing at Long Harbour, said: “The fund’s first single family housing investment will deliver much needed new homes as part of the Newhall Masterplan, an area with great potential for future growth given its strategic location. This transaction also marks the start of our ambitious deployment plans for Long Harbour’s Single Family Housing platform, working with strategic partners like Vistry will support our growth ambitions and build on our existing strengths across the living sector.”
Will Cazaly, investment director at Long Harbour, added: “Demand for single family housing is at record highs and we hope to make an impact by plugging the gap between supply and demand. Harlow offers strong fundamentals since it is an established rental market, demonstrating strong rental growth, with its mid-market rents attracting younger or middle-income earners who may be priced out of commuter towns closer to London. Its proximity to London and Cambridge, as well as the advantages it offers from the Harlow Enterprise Zone, make it an attractive location for renters.”
Verity Macey, managing director at Vistry Central Home Counties, said: “This PRS deal is the first between Vistry and Long Harbour marking an exciting new partnership with this UK based investment firm. This deal is a great addition to the mix of high-quality housing on offer across these phases of the development, helping us to provide the range of housing that local residents need. The on-site amenities already on offer, combined with those planned for future phases, provide the facilities needed to support thriving and sustainable long-term communities.”
