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Places for People adds to PRS portfolio with £20 million Urban Splash deal

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Places for People adds to PRS portfolio with £20 million Urban Splash deal

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Published by Jon Land for 24dash.com in Housing

Places for People adds to PRS portfolio with 20 million Urban Splash deal Places for People adds to PRS portfolio with 20 million Urban Splash deal

Places for People has added more homes to its burgeoning private rented sector property portfolio through another deal with regeneration company Urban Splash.

The £20 million deal will see Places for People buy 128 PRS 'units' in Manchester with Urban Splash continuing to manage the properties to ensure minimal disruption for tenants.

The news comes just 12 months after the £77m sale of a residential portfolio of 654 units by Urban Splash to Places for People.

Places for People group chief executive David Cowans said: “We are committed to becoming very significant PRS investors and this was an off-market opportunity to acquire a great portfolio from a very experienced operator which we wanted to seize.”

The sale includes properties around Manchester city centre at developments such as the Box Works, Moho, Timber Wharf, Burton Place, Budenberg, Chips and Christabel.

Tom Bloxham MBE – Chairman of Urban Splash – said: “We have been delighted with the results of working with Places for People.

“Yields are increasing and we are making a significant number of retail sales for PfP so it has been pleasing to see their endorsement of our strategy with this additional acquisition. My thanks to my colleague Simon Gawthorpe who led on this deal on behalf of Urban Splash.”

Since their initial deal in 2013, Urban Splash and PfP have also established a joint venture working partnership which has seen them commence work on the second phase of development at Park Hill in Sheffield.

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