Europa and Addington sign £55m Project Merlin deal

Addington Capital Bromley Common

The portfolio of 202 secondhand homes will boost the joint venture’s London Affordable Residential Platform.

The 202-asset Project Merlin portfolio was bought through Europa Capital’s Fund V and comprises 153 flats, 39 houses, four bungalows and six other assets across the capital, the majority of which are held freehold. It was acquired as a trading company from a private family acted for by Allsop.

Twenty-eight of the properties are vacant, and the rest are let under a range of residential tenancy types including assured shorthold tenancies and regulated tenancies. The gross rent is more than £1.5m per year.

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