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Places for People makes £70 million move into private rented sector market

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Places for People makes £70 million move into private rented sector market

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Published by Max Salsbury for 24dash.com in Housing

Places for People makes £70 million move into private rented sector market Places for People makes £70 million move into private rented sector market

Places for People has taken a major step into the private rental market with the acquisition of 925 homes from the property development and investment group Terrace Hill.

According to Places for People chief executive David Cowans, the £70 million deal is part of its long-term strategy to develop a private rented sector portfolio.

Terrace Hill says the sale is part of its plans to exit the residential sector in order to concentrate on its core commercial development activity.

The news comes just days after Places for People announced a £18.5 million deal to buy 271 retirement properties from Grainger.

It forms part of a string of announcements from the group signalling moves to diversify from its core social landlord activities.

In December, Places for People confirmed a deal to buy leisure facilities management company DC Leisure, which runs around 100 leisure facilities - including swimming pools, leisure centres and gymnasiums - on behalf of 28 local authorities.

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