House building firm Vistry to build 1,750 rental homes with Blackstone & Regis

06 Jun 2024 CW Team

Vistry, a British housebuilder, has announced that it has reached an agreement with Blackstone Real Estate and minority investment partner Regis to construct 1,750 homes, with a combined development value of ?580 million. This marks Blackstone's second acquisition from Vistry in eight months, following its purchase of over 2,800 mixed-tenure new homes in November.

Institutional investors like Blackstone are increasingly investing in rental properties amidst a shortage of such properties, which have demonstrated resilience compared to other commercial property sectors like offices and retail, particularly during periods of rising borrowing costs and evolving work patterns.

James Seppala, head of European Real Estate at Blackstone, emphasised the importance of institutional private capital in addressing the undersupply of high-quality housing, especially in the private rented sector. The newly acquired portfolio, focused in the southeast of England, will be managed by private rented sector housing provider Leaf Living, backed by Blackstone and Regis.

The first completions under the agreement are expected by the end of the current month, with the majority of homes slated for completion within the next two years. Despite subdued market conditions forecasted by some of its competitors, Vistry has maintained an optimistic outlook on the housing sector due to resilient demand for its affordable homes, particularly from housing associations and the private rented sector. Last month, Vistry increased its annual homebuilding target by approximately 3% to over 18,000 units. (Source: ET)

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