UK property development company Godwin Developments has formed a build-to-rent (BTR) joint venture partnership with an unnamed institutional real estate investor to build a portfolio valued in excess of £1 billion across the UK.
The joint venture (JV) will target both the single-family and multifamily BTR sectors in recognition of the substantial growth potential of the asset class.
In the near-term, the JV partnership is aiming to develop its BTR proposition through the acquisition of both standing and forward funded stock as well as by unlocking new land opportunities.
The Oxford-Cambridge Arc and the Home Counties will be key to expanding the delivery of single-family units for rent, and London, Bristol and Birmingham will be important target cities for the multifamily offering.
The JV will focus on creating high-quality, professionally managed homes with strong ESG credentials that will appeal to residents of all ages and life stages – from singles and sharers, to couples, families, and downsizers.
Research by the British Property Federation and Savills published last month estimated the BTR sector to be worth £170 billion by 2032, with completed BTR homes projected to increase fivefold over the next decade.
Stephen Pratt, Director and Co-Founder at Godwin Developments said: “We are thrilled to announce the next step in our growth ambitions in the BTR sector. BTR has proven itself to be a highly defensive asset class and is rapidly establishing itself as a real alternative to home ownership, delivering an opportunity to alleviate the shortage of housing across the country.
This launch is truly transformational for our business, and we look forward to growing our portfolio nationwide, adding value for residents, housebuilders, landowners, local authorities and other stakeholders using our expertise and unique ability to deliver, market and manage schemes across the development lifecycle.”