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Places for People seals £35 million private rented sector homes deal with Bovis

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Places for People seals £35 million private rented sector homes deal with Bovis

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Published by Jon Land for 24dash.com in Housing

Places for People seals 35 million private rented sector homes deal with Bovis Places for People seals 35 million private rented sector homes deal with Bovis

Places for People is expanding its private rented sector (PRS) portfolio following a £35.5m deal with Bovis Homes.

The property, management and regeneration group has acquired 319 houses and flats across 10 sites, predominantly in the North West and Midlands.

Some of the properties are already completed with the remainder due to be built over the next 15 to 18 months, in areas where demand for new homes is high.

The properties will be managed by Places for People’s PRS management company Touchstone. Together, Places for People and Touchstone manage a combined portfolio of nearly 24,000 properties in the private rented sector.

Savills Funding & Development team brokered the deal on behalf of Bovis Homes.

This is the latest acquisition in the sector by Places for People, which is keen to further expand its PRS portfolio, which also includes acquisitions from City Lofts, Terrace Hill and more than 600 apartments from Urban Splash.

Places for People chief executive David Cowans said: “There is a growing demand for high-quality homes for rent and we are keen to continue to offer more new build houses and flats such as these for private rent, particularly at a time when affordability is at the top of most people’s agendas.”

Bovis Homes chief executive David Ritchie, added: “We are delighted to have agreed this PRS deal with Places for People which when combined with another recent PRS deal will provide the opportunity to deliver over 500 additional new homes during 2014 and 2015.

"Through achieving this, Bovis Homes is accelerating delivery across a number of its existing housing sites and enhancing shareholder returns.”

Andrew Brentnall, head of Savills funding and development, said: “This latest transaction in which we assisted Bovis Homes, is clear demonstration that PRS can play a key role in the acceleration of housing supply in the UK and deliver much needed institutional investment in the sector, to improve tenants’ experiences.”

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