The JV will target the UK’s fastest growing regional hubs with the aim of providing much needed homes to the domestic rental market. The first project is located in the Finneston region of Glasgow. The solution-orientated approach characterised by the increasingly important BTR sector has brought together two like-minded parties with complementary skills. SFP group, with a majority ownership in the JV, is responsible for organising the capital raising. Redevco, as SFP’s local partner, will concentrate on sourcing opportunities, and on the asset and development management.
Redevco UK’s business, with a strong track record for large-scale redevelopment projects, is putting more emphasis on the residential sector, such as schemes in Oxford and Brighton, and the move into the BTR space follows naturally. SFP Group, one of Switzerland’s best-known and biggest real estate asset managers, is looking to expand on their residential success in Europe through their newly formed UK outfit. Both parties will maximally benefit from each other’s expertise.
Patrick Brenninkmeijer, Business Development Director of Redevco, said: “We are delighted to have found a like-minded partner and are enjoying the close collaboration with the SFP UK team to jointly help cities in the UK transform and ensure they are sustainable and liveable. We are ready to find suitable properties and repurpose them into residential-led mixed urban schemes, starting with the seed asset in Glasgow for which the first fund raising round has been successfully closed.”