Real Estate

Landlord partnership sells 29 residential rental properties for £10.6 million – LandlordZONE

Real estate investment manager Europa Capital and joint venture partner Addington Capital have sold their Lancelot portfolio of 29 residential properties to Mountview Estates Plc for £10.6 million.

The properties comprise 17 houses and 12 flats (see photo) mainly in London and the South East, all leased on regulated, assured and life tenancies, providing a gross rent of £261,243 a year.

Project Merlin

The properties were acquired by the joint venture in October 2018 as part of the Project Merlin acquisition – a portfolio of mostly old housing stock in Greater London made up of 202 units (43 houses and 153 flats) for £55 million.

Since then, Addington Capital has been asset managing the properties with its sister property management and leasing company, AddLiving, providing property management.

Matthew Allen, principal at Addington Capital, says since acquisition it has been looking for opportunities to re-package the properties and add value.

He adds: “As a standalone regulated portfolio, Lancelot presented a relatively rare opportunity to acquire these kind of reversionary interests in bulk. The last of these statutory tenancies were created in 1989 and so there’s a dwindling supply. We ran a competitive process and Mountview, as a specialist buyer, is very familiar with the kind of stock and was a reliable counterparty.” 

Operating Partner

Addington Capital was set up in 2010 as an independent asset management and investment business and operates in the office, retail and residential sectors as an operating partner, working closely with its partners to create value through active asset management.

Landlord partnership sells 29 residential rental properties for £10.6 million – LandlordZONE is written by Helen Gregory for

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button