Hearthstone Investment Management has boosted its growing PRS portfolio, with the acquisition of over 100 new homes in three separate deals touting a combined value of £31m.
The deals have been done on behalf of the Hearthstone Residential Fund 1 (HRF1).
The 10-year closed-ended private equity fund announced final closing earlier this year, with commitments of over £200m from seven UK local authority pension funds – Merseyside Pension Fund, Tyne and Wear Pension Fund, Derbyshire Pension Fund, Nottinghamshire Pension Fund, Staffordshire Pension Fund, Teesside Pension Fund, and West Midlands Pension Fund.
“These latest acquisitions strengthen our presence in well-connected and economically active hubs such as Nottingham, Greater Manchester and Birmingham, and other vibrant locations in southern England,” said Richard Otten, partner and director of asset management at Hearthstone Investment Management.
“The deals reinforce our ability to source and acquire quality housing assets in areas where tenants can benefit from easy access to their workplace, as well as being part of a strong and well-served local community.”
Properties purchased include low-rise apartment blocks and clusters of houses.
These new build properties will be completed in tranches throughout 2019, adding to the fund’s existing assets in a number of targeted locations.
- Greater Manchester: 19 new build houses in suburban Manchester and Wigan
- Nottinghamshire: eight new build houses, located two miles away from Nottingham’s city centre
- The Midlands: 11 new-build houses in Tamworth, and a low-rise block of nine apartments in Birmingham
- Southern England: 68 homes across the South of England, including new-build houses in West Sussex, Cheltenham, Exeter and Aylesbury, a block of low-rise apartments in Bristol, and a mix of houses and low-rise apartments in Didcot