Greystar Real Estate Partners, in partnership with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), has agreed to acquire a build-to-rent (BTR) scheme in Bermondsey, south London, from Grosvenor’s UK property business.
The transaction details were not disclosed.
The scheme, at the former Peek Freans biscuit factory site, will feature 1,548 homes, extensive play and public spaces, including a large public roof terrace and pedestrian walkways. The Bermondsey site will incorporate new homes for a range of rents, a new secondary school and employment, cultural and retail spaces, interwoven into the neighbourhood.
Since entering the UK market in 2013, Greystar has pursued a growth strategy and built up a property portfolio worth £6.5 bn, representing more than 9,600 units and comprising both multifamily rental accommodation and student accommodation.
In December 2021, Greystar announced a new strategic partnership with ADIA of up to £2.2 bn to develop BTR housing in London and its surrounding commuter towns.
Mark Allnutt, senior managing director – Europe, Greystar, said: ‘The acquisition of Grosvenor’s Bermondsey development site represents another milestone reached in our ongoing strategy to develop thoughtfully designed and professionally-managed rental communities, particularly in light of the current shortage of high-quality rental property in the capital.’
Heather Topel, director of Development, Grosvenor, added: ‘We will reinvest the capital from this sale into growth opportunities in our London portfolio and regional investment business.’
Greystar’s teams acted on the transaction, demonstrating the extent of its real estate expertise. Savills London Development Land team acted for Grosvenor.