Redevco, SFP Group and SFP UK have signed a joint venture agreement to invest in the UK BTR sector focusing on repurposing existing underutilised commercial assets that offer the potential for residential-led mixed-use projects.
The joint venture partners are targeting fast growing regional hubs and have already lined up their first project in the Finneston area of Glasgow.
SFP group, which has a majority ownership in the joint venture, is responsible for organising capital raising and Redevco, as SFP’s local partner, will concentrate on sourcing opportunities, and on the asset and development management.
The developer, which has a strong track record of delivering large scale redevelopment projects, is already placing a greater emphasis on residential in its schemes in Oxford and Brighton.
Patrick Brenninkmeijer, business development director at Redevco, said: “We are delighted to have found a like-minded partner and are enjoying the close collaboration with the SFP UK team to jointly help cities in the UK transform and ensure they are sustainable and liveable. We are ready to find suitable properties and repurpose them into residential-led mixed urban schemes, starting with the seed asset in Glasgow for which the first fund raising round has been successfully closed.”
