A huge US property firm has boosted its presence in the UK build to rent market by the acquisition of one of the major British players.
Atlanta-based Cortland specialises in ‘multi-family’ living – the US equivalent of build to rent – and has now acquired LIV Group.
The acquisition comes at a time when politicians of all hues seem to be actively encouraging build to rent at the expense of the landlords who are the backbone of the traditional private rented sector.
Headquartered in Leeds and with offices also in London, LIV Group was one of the earliest entrants to the build to rent sector.
It operates over 2,000 build to rent homes nationwide, with a further 7,000 in the pipeline and due to be delivered by the end of 2021.
The acquisition includes specialist consultancy LIV Consult, and LIV’s dedicated residential block management business, which manages some 8,000 leasehold properties.
Cortland owns over 55,000 apartments in 18 cities across the States, and opened an office in the UK in 2017.
It plans to invest around £4bn to grow a portfolio of at least 10,000 professionally managed homes for rent in Britain.
The sum Cortland has paid for LIV Group has not been disclosed.
LIV founders Graham Bates and Helen Peace are staying with the business, which currently operates across 14 build to rent sites and employs some 120 staff.