PIC has acquired the fully operational Ebb & Flow build-to-rent (BTR) development in Reading for more than £200m.
Ebb & Flow, which provides 598 units, forms part of the wider £850m Station Hill mixed-use regeneration scheme being delivered by Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management.
The BTR scheme’s on-site amenity provision includes fitness studios, roof terraces, club lounges, private dining locations and pocket parks.
James Agar, head of real estate origination at PIC, said: “The acquisition of Ebb & Flow aligns with PIC’s BTR investment strategy, which sets out a targeted approach to acquiring well‑located, high quality developments in strong locations such as Reading. The significant demand for professionally managed rental housing across the UK supports sustainable, inflation‑linked cashflows which match PIC’s pension liabilities over coming decades.
“In line with this purpose, Ebb & Flow supports PIC’s long‑standing strategy of investing in the UK’s structurally undersupplied living sector to deliver tangible social value. Fully let, best-in-class operational assets represent strong relative value at this point in the market cycle, delivering attractive risk adjusted returns, as we navigate higher interest rates and the persistently tight credit spread environment.”
Steve Hollands, head of built-to-rent origination at PIC, added: “Ebb & Flow is a strong addition to PIC’s existing build-to-rent portfolio and reflects our updated strategic focus on acquiring purpose built operational assets. Reading is a highly attractive location underpinned by strong employment fundamentals and excellent infrastructure and transport connectivity. The wider placemaking is also expected to further enhance the attractiveness of the immediate location underpinning sustainable long‑term income growth.”
Callum Thorneycroft, managing director, MGT Investment Management, said: “The acquisition of Ebb & Flow by an investor of PIC’s quality, underscores the best-in-class design and delivery executed by Lincoln MGT. This continues the JV’s track record of attracting institutional capital to the landmark Station Hill development.”
Gowling WLG acted as legal advisers for Lincoln Property Company and MGT Investment Management on the deal and Pinsent Masons advised PIC.
