Gatehouse IM acquires 174 homes for £35m for Carlyle single-family joint venture

Units acquired across four sites in Coventry, Stoke and Dudley.

Single-family build-to-rent (SFR) specialist Gatehouse Investment Management has acquired 174 West Midlands homes from us for a total of £35 million as part of its joint venture with global investment firm Carlyle.

The new homes are located across two sites in Coventry and one each in Dudley and Stoke. The homes are a mixture of two, three, and four-bedroom houses, in addition to a low-rise block of flats close to Coventry city centre.

The first units are already completed, with the remaining set to be handed over during 2024, and in line with Gatehouse IM’s commitment to sustainability all of the new homes will have an EPC rating of ‘B’ or higher. The completed homes will be managed by Ascend Properties, the UK’s largest lettings and property manager of SFR.

The new units complement the joint venture’s existing holdings in the West Midlands, where there is proven rental demand for homes of this type and specification. The acquisition, Gatehouse IM’s first with Persimmon, brings the number of homes within the joint venture’s portfolio to more than 500.

The transaction follows Carlyle and Gatehouse’s recent acquisition of 50 single-family build-to-rent homes in Gloucester, as part of its joint venture.

John Coles, Head of Acquisitions at Gatehouse IM, said: “We are excited to have completed our first deal with Persimmon, acquiring a further 174 homes for the joint venture’s growing portfolio, and look forward to handover of these units in the coming months. The West Midlands is a core location for our platform, and the type and specification of these homes is ideally suited to residents’ needs in these towns and cities. We hope to work again with Persimmon on similar deals in the future.”

Tristan Freeman-Sear, Vice President on the Carlyle Europe Realty advisory team, added: “We are delighted to make this addition to our UK residential platform alongside our partners Gatehouse. This acquisition exemplifies our strategy of identifying well-located, quality assets in markets with attractive underlying supply and demand fundamentals, as well as helping bridge the demand for quality family housing in the region.”

Stephen Cleveley, Regional Chairman, Persimmon Central & Wales, added: “We were delighted to agree this deal with Gatehouse Investment Management. As a five-star builder we are proud to provide good quality new family homes for communities across the West Midlands. We hope this is the first of similar partnerships with Gatehouse Investment Management that secure further much needed new local homes.”