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Invesco bets £116m on UK PRS via JV

The global real estate investment manager has formed a joint venture with UK PRS specialist Platform. The pair’s first move will be to invest in five regional English cities. 

Invesco Real Estate, the global real estate investment manager, has created a new joint venture which will see it invest £116 million ($145 million; €137 million) in a portfolio of 580 apartments across five regional towns and cities in the UK’s private rented sector (PRS).

Invesco has set up the JV with Platform, the UK PRS specialist, to invest in the sector in a number of regional locations, Bracknell, Exeter, Bedford, Crawley and Stevenage, across south-east and south-west England.

Invesco said it formed the partnership to deliver large-scale, long-term institutional investment in the sector in order to boost the supply of new rental accommodation and provide institutional quality product to the market.

John German, senior director of residential investments at Invesco Real Estate, said the aim of the project was to create long-term returns for its investors.

“A fundamental part of our programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an onsite property manager. We are therefore pleased to be working with Platform on this first portfolio, and potentially other exciting opportunities for our growing and diverse portfolio,” added German.

Invesco made its PRS debut in 2014, buying 118 units on behalf of a UK local authority pension fund.