Proptech investment platform Bricklane has more than doubled the size of its portfolio with the acquisition of 74 rental properties worth a combined £13.6m.
The platform, which allows the public to invest in property portfolios for a little as £100, acquired the units from the British Residential Unit Trust in a cash and shares transaction.
The units are spread across four buildings in Manchester and Birmingham, and are 93% leased. They were acquired on behalf of Bricklane’s Regional Capitals REIT, increasing the fund’s portfolio to 127 properties. It now has £23.6m worth of assets under management.
Simon Heawood, chief executive and co-founder of Bricklane, said the firm was actively seeking more portfolio deals. “Bricklane is well positioned to be flexible on the structure of our transactions, including fast-moving cash purchases, and this acquisition from BRUT on a part-cash part-shares basis [enables] landlords to relinquish the responsibility of day to day property management while maintaining exposure to residential property.”
The acquisition follows the close of the firm’s £4.7 million Series A funding round, led by A/O Proptech and DMG Ventures.