London & Quadrant Housing Trust - Marketing of Private
Rented Sector Business
London & Quadrant Housing Trust
('L&Q') has announced that it is seeking buyers for its Private
Rented Sector ('PRS') business, as it continues to focus on
investment into existing and new social homes.
L&Q's PRS homes are managed by
its wholly owned subsidiary L&Q PRS Co Ltd (trading as Metra
Living). It manages a portfolio of 3,147 homes across 53 schemes in
Greater London, the majority of which were built within the last 10
years. The proposed sale will include the transfer of Metra
Living's existing operational platform and team.
Fiona Fletcher-Smith, Group Chief
Executive of L&Q said, "We're proud to have built up a large
and highly successful PRS business since entering the market in
2015.
"However, in recent years the social
housing sector has faced economic volatility, policy shifts and
funding uncertainties. In response we have a clear strategy which
is focused on simplifying our business, prioritising our core
purpose as a social housing provider, and ensuring every L&Q
resident has a safe and decent home with access to services they
can rely on. The sale of Metra Living will support this drive,
enabling us to invest even more in our existing homes and services,
and support the delivery of our longer-term objectives to build
more of the affordable homes this country so desperately
needs.
"This sale represents an excellent
investment opportunity for an investor seeking a large, stabilised
PRS portfolio and operational platform in London."
L&Q is one of the UK's leading
housing associations, owning and managing more than 105,000 homes.
The sale of Metra Living is expected to generate additional funding
which will be reinvested back into building and managing social
homes. It will also ensure private renters continue to receive
services from a dedicated and specialist PRS provider.
BNP Paribas has been appointed to
advise on the sale.
For further information, please
contact:
|
Martin Watts
|
|
Director of Treasury (Corporate
Finance)
|
|
mwatts@lqgroup.org.uk
|
BNP Paribas contact
details
|
Richard Choi
|
Simon Williams
|
Andrew Screen
|
|
Head of Real Estate Advisory
UK
|
Head of National Markets
UK
|
Head of Residential Capital
Markets
|
|
richard.choi@uk.bnpparibas.com
|
simon-d.williams@realestate.bnpparibas
|
andrew.screen@realestate.bnpparibas
|
www.lqgroup.org.uk
END