BlackRock Forms JV with Outpost Management on UK Housing
Posted on 11/14/2021
BlackRock’s European property platform has formed a joint venture with real estate manager Outpost Management Limited to invest £500 million in U.K. residential assets, specifically rental housing. Outpost Management was founded by Troy Tomasik, a former Managing Director at Greystar Real Estate Partners. In over 6 years at Greystar, Troy Tomasik led multiple functions including acquisitions, asset management, development, and portfolio management in the UK and Europe; deploying over £5 billion across 30,000 beds of student accommodation and 3,500 units of residential accommodation.
The joint venture purchased a build-to-rent site near London’s King’s Cross. The site is a new freehold asset at 101 Camley Street, adjacent to King’s Cross and St Pancras stations. LabTech Group was the seller of the property. Outpost will operate the property on behalf of BlackRock under its new residential platform. The asset was acquired vacant on practical completion of the residential units.