Get Living has completed a £600m recapitalisation with Oxford Properties, as reported by EG in January.
Delancey client fund DV4 and Oxford Properties, owned by Ontario Municipal Employees Retirement System, have formed Delancey Oxford Residential (DOOR) – a new co-investment platform with initial capital of £600m.
DOOR will take a 39% ownership of the current Get Living portfolio of two London schemes at East Village in Stratford and Elephant Central in Elephant and Castle, which comprise 2,000 homes.
It will have the same share in the development pipeline of 4,400 homes Get Living has secured in Glasgow and Leeds, as well as a further phase at East Village and Elephant and Castle.
EG revealed last week that Get Living was in discussions with Scarborough Group about taking on phases of its Middlewood Locks development in Greater Manchester.
Delancey, Oxford and Qatari Diar will act as development managers on the various schemes.
Get Living’s current investors – DV4, Qatari Diar and APG – will continue to back the business, with APG and Qatari Diar holding 39% and 22%, respectively.
Jamie Ritblat, chief executive of Delancey, said: “We are extremely pleased that Oxford Properties, one of the most forward-thinking and rigorous, global institutional real estate investors and operators has chosen to work with Delancey and DV4, a Delancey-advised client fund, on what we believe remains a compelling investment opportunity in UK real estate.”
Get Living was formed in May 2013 by Qatari Diar and Delancey after buying the former Athletes’ Village in the Olympic Park in London. APG joined the partnership in 2016.
The partnership will target schemes of at least 400 homes to create a total portfolio of 12,500 homes.
The recapitalisation remains subject to EU Merger clearance.
Eastdil Secured and Lazard acted as advisers to Delancey/DV4 and Oxford Properties.
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