Greystar JV targets London for £1.8bn build to rent homes push

Property investor Greystar Real Estate has teamed up with a subsidiary of the Abu Dhabi Investment Authority to develop build to rent housing in London and its commuter towns.The JV plans to spend £1.8bn on a pipeline of new-build projects, starting with a project in London’s Battersea district where it hopes to build 14,000 sq m of residential and commercial space at Lombard Street.Both investors are targeting London, following a similar deal in 2015 in the Netherlands, which created a portfolio of more than 6,000 homes for students and young professionals.To springboard into the London market, the JV has also confirmed it will buy private rental business Fizzy Living from Metropolitan Thames Valley Housing.This will see its take over management of nearly 1,000 occupied homes and take on 30 Fizzy Living staff, at a portfolio valuation of £400m.The Fizzy Living assets are well-located and close to public transport in Canning Town, Lewisham, Epsom, Stepney Green, Poplar, Walthamstow, Hayes and Silvertown. Greystar will start capital improvements and other operational enhancements.