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TIAA Henderson Real Estate makes debut PRS acquisition in London

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TIAA Henderson Real Estate (TH Real Estate) has acquired an existing block of residential units in Shoreditch, London. The asset has been acquired off market on behalf of a UK balanced fund, for c.£8.5m. It was acquired from a private individual.

Located on Waterson Street, it comprises studio apartments in addition to one and two bedroom flats. In total, there are 17 units.

Rob MacQueen, Senior Portfolio Manager at TH Real Estate said:

“We believe the asset offers excellent rental growth potential given the low passing rent relative to surrounding rental values. It was acquired off-market and off a comparably low capital value per sq ft. We recognise the sector as an attractive diversifier in a core fund.”

Mike Sales, Managing Director, Europe at TH Real Estate said:

“UK PRS is a sector of the market that we are increasingly interested in. We recognise the long term growth potential attached to the market, particularly in locations such as London which will continue to benefit from long terms trends such as urbanisation.”

 

 

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Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. 
TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. 
The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

 

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