Amro Real Estate Partners has acquired two London sites and appointed JLL to find an institutional joint venture partner for its newly-launched build-to-rent platform, AmroLiving.
The company plans to deliver 1,500 units across greater London in the next five years and is seeking a JV partner for a capital investment programme of £500m to facilitate the roll out.
The first two sites acquired will provide a total of 500 homes. Both are located in Greater London, with the first in Ealing, West London, and the second in Kingston upon Thames, South West London.
The £95m, 251-unit scheme in Ealing will provide a mix of one, two and three-bedroom apartments as well as social and co-working space, a fitness suite, landscaped gardens and a pet friendly policy that Amro says will make it suitable for singles, couples and families.The £110m Kingston upon Thames scheme will deliver a further 250 units in a gateway town-centre location in close proximity to Kingston Station, and is aimed at downsizers and professionals.
Amro will focus on developing schemes of 250 to 400 units in locations that it perceives to be under-served in terms of high-quality rental accommodation.
Ami Kotecha, co-founder of Amro Real Estate Partners, has been appointed managing director for AmroLiving to lead the growth of the platform.
She said: “With a growing population, a major housing shortfall in London and with many locked out of home ownership, there is and will continue to be high demand for good-quality rental accommodation. Whilst renting was once considered a ‘young person’s game’, the market now has broader appeal, with customers of all ages and at different stages of their lives aspiring to make a lifestyle choice in terms of where they live.
“Our build-to-rent schemes will be designed to meet the needs of the local demographic and will deliver a robust portfolio that will form a superb investment opportunity for our JV partners.”