More commercial investment in PRS
Although the government is still consulting on the SDLT superlevy on second properties for individuals, the market for the commercial providers in the Private Rented Sector continues to warm up nicely. Investment manager LaSalle has its eyes on a half billion fund, where investors will be looking for good returns. Yes, the provision of rented accommodation, but at what price, and can we be sure that it can be afforded? On the other side of the coin, of course, safe returns for our pensions, which more and more of us will need for longer. An interesting social and political issue which is not really being debated properly.
LaSalle Investment Management has bought its first assets for its UK Private Residential Fund.The properties – in Leeds and London – include 270 purpose-built residential units and were bought for £25m (€33.4m) and £30m, respectively.The investment manager last month said it raised £120m for its first UK private-rented sector (PRS) property fund. It is aiming to invest more than £500m in the residential market for clients through the fund and other investment vehicles.”
