The takeover became effective on completion of the buildings and ECE is now, together with a local build-to-rent specialist, responsible for their long-term operation and leasing which has already made significant progress shortly after completion. Another apartment building in Birmingham with over 320 residential units has already been taken over by ECE in spring 2020. In total, the build-to-rent portfolio held by the Otto family and managed by ECE now comprises a total of 2,100 residential units in the United Kingdom’s three biggest and economically strongest cities outside of London.
“By taking over the two properties in Manchester and Leeds, we are expanding our activities in the build-to-rent business just as planned,” says Henrie W. Kötter, ECE Managing Director for the Work & Live business area.
“We are convinced of the opportunities in this real-estate segment and believe that the strength and appeal of our offering has been effectively confirmed by the rapid and successful leasing of the apartments so shortly after completion.”
ECE had entered the growing build-to-rent segment in spring which comprises the operation and renting out of fully equipped and furnished rental apartments that also include additional services. ECE plans to further expand its activities in this sector, including in other European countries. In addition, ECE, together with partners, is currently developing the “101 on Cleveland” apartment building in London’s West End, featuring 88 high-quality condominiums, 3,500 sq m of retail space, and 15 affordable housing apartments. The construction of the building and the marketing of its apartments are progressing as scheduled as well.
The build-to-rent properties in Birmingham, Leeds, and Manchester are all centrally located within easy reach of major office locations, infrastructure facilities, and retail outlets, and offer modern apartments of varying sizes with the comfort of a hotel and the feel of home. They also provide a range of services including gyms, package acceptance, coworking areas, bicycle parking spaces, additional rooms for meetings, events, and guests, and a 24-hour concierge service.