BauMont Real Estate Capital (BauMont) completed its maiden investment in the U.K. with operating partner Addington Capital, acquiring a residential portfolio from a private family office on behalf of BauMont Real Estate One SCSp (BREO). The portfolio includes 182 apartments of mostly converted Victorian and Edwardian houses in South London let on assured shorthold tenancies. The portfolio has been acquired for an undisclosed sum in the region of £37m.
The residential portfolio consists of 35 freehold buildings comprising 182 apartments. The majority are located in well-connected South London locations popular with commuters with a remainder mainly in prime North West London locations. Addington’s sister company AddLiving, the residential management and leasing business, will provide property management services.
Natalie Harrison, U.K. Investment Director at BauMont, said:
“Given its characteristics, the portfolio will be resilient and offer well-located, good quality affordable homes in an undersupplied segment of the market. We are delighted to be working with Addington who are experienced in managing this type of portfolio and have an excellent track record.”
Matthew Allen, Principal of Addington Capital said:
“We continually look for value-add opportunities in the sector and have recently been focused on the Greater London residential market, which has been subdued for many years but offers strong fundamentals. This portfolio offers opportunities through the refurbishment of the existing stock and new development. We are delighted to be working with the BauMont team.”
CBRE advised the vendor and Knight Frank advised the purchaser.