AIMCo and Ridgeback Group Acquire UK BTR Assets from Angelo Gordon
Posted on 07/14/2022
Alberta Investment Management Corporation, (AIMCo), on behalf of certain of its clients, and Ridgeback Group have acquired a portfolio of UK build-to-rent (BTR) assets from Angelo Gordon for a price of £283 million. Ridgeback Group is a fully integrated investor, developer and operator with a UK Build-to-Rent residential portfolio of over 3,900 homes with a GDV in excess of £1.3 billion.
The transaction, which nearly doubles the size of AIMCo and Ridgeback’s UK BTR portfolio, places the joint venture among the largest UK BTR landlords, providing the opportunity to realise significant growth anticipated from this segment of the real estate market.
AIMCo and Ridgeback commenced their portfolio aggregation strategy in the second quarter of 2020 with the acquisition of five properties, totalling more than 1,650 apartments under construction in cities including Manchester, Birmingham, Leeds and Liverpool. With the addition of these most recently acquired properties, AIMCo’s UK BTR portfolio now comprises ten city centre assets, with over 3,100 units.
The five properties acquired from Angelo Gordon are located in gateway cities throughout the UK – Cardiff, Birmingham, Sheffield – and include two assets in Greater London – Hayes and the Isle of Dogs. The properties are at different stages of the construction process, ranging from Sherborne Wharf in Birmingham, which is up and let, through to Isle of Dogs, London, which is still in the planning stage. When construction is completed, the portfolio will consist of 1,452 apartments.