We have helped Home Group sell a private rented sector (PRS) portfolio comprising almost 500 properties across four locations in the North East for approximately £25m.
The portfolio consists of 491 apartments and houses in Newcastle, Gateshead, Hartlepool and Stockton, producing an income of about £2.3m. It has been bought by London-based William Pears Group.
“We’ve disposed of these properties as we refocus our business,” said Anthony Bell, Home Group’s head of asset management.
“The sale was completed within four weeks of instructing solicitors which was important to us as it allowed the stock to transfer before the new tax year.”
Cushman & Wakefield sold the assets on behalf of Home Group.
Richard Turner, senior director at Cushman & Wakefield, said: “This was the largest PRS portfolio to have ever been sold in the North East and attracted a great deal of interest from a wide variety of potential investors, owing it its critical mass and asset management opportunities.”
He added: “While much attention is currently focused on the new development in this sector, there is an active market in established portfolios, with a wide range of new entrants seeking opportunities.”