LaSalle Investment Management has completed the first two direct investments for its UK Private Residential Fund.
The two blocks in London and Leeds consist of more than 270 purpose-built residential units and were acquired in separate transactions for £55m.
Waterside Apartments in Leeds was built in 2008 and bought from CVI Leeds Waterside Sàrl for £25m, for a gross yield of 6.7%.
Andrew Stanford, UK residential fund manager, LaSalle Investment Management, said: “Waterside Apartments is a rare, large-scale income-producing asset with ample opportunity to add value through proactive asset management, a compelling advantage of the Fund’s team.”
A total of 87 units in phase three of the Rathbone Market redevelopment in East London were also bought from English Cities Fund for £30m, a gross yield of 5.2%.
It is the final stage of the Rathbone Market regeneration project being delivered by Muse Developments through the ECF partnership and is expected to complete in Q4 2016.
LaSalle expects to invest in excess of £500m in the residential build-to-rent market on behalf of its institutional clients, through its PRS fund and other investment vehicles.
LaSalle was advised by JLL on Waterside Apartments and Rathbone Market.
