Real property fund administration firm Moorfield has teamed up with PropTech firm Bricklane to buy a portfolio of 2,000 houses to let.
The deal will see the acquired houses – seemingly to be in Bristol, London and south-east England – purchased and managed by Bricklane by means of Compass, its proprietary know-how platform.
By specializing in current properties moderately than new builds – and specifically the 98 per cent of the rental market owned by the UK’s 2.5m buy to let landlords – the partnership says it may well ship excessive returns and an improved degree of service and high quality of residence to tenants.
Both firms have a residential observe document. Bricklane specialises in buying and managing rental properties in London, Leeds, Manchester, and Birmingham. Moorfield is a specialist in function constructed scholar lodging and retirement-focussed schemes.
Ross Netherway, head of origination at Moorfield Group, says: “This partnership offers us with an environment friendly and scalable means to discover, buy, and handle particular person residential properties for hire in our goal markets. We are excited to be partnering with Bricklane who’ve the best-in-class capabilities—each human and technological—to assist us ship on our shared ambition. This partnership will assist additional diversify our actions in our ‘beds’ theme and see us drive the professionalisation of an enormous however fragmented market.”
And Simon Heawood, chief exec and co-founder of Bricklane, provides: “The time is ripe for institutional capital to entry and professionalise the mainstream non-public rented sector. Demand is at an all-time excessive, whereas it is changing into much less financially engaging for particular person landlords to function within the sector. Moreover, tenants are rightly demanding greater high quality service and safer contracts for his or her houses. Access to the mainstream market requires industrialising the acquisition and administration of giant numbers of particular person belongings, which is unattainable with out deep funding in know-how.”