Urban & Civic Expands Opportunities with Goldman Sachs Deal
Posted on 10/28/2021
In January 2021, Wellcome Trust completed its £506 million takeover of real estate developer Urban & Civic. The deal was inked back in November 2020. Wellcome Trust and Urban & Civic agreed to work on the £1.2 billion Manydown development in Hampshire in 2020. Urban & Civic was formed by former Chelsfield boss Nigel Hugill alongside Robin Butler in 2009 to become a master developer.
Goldman Sachs Asset Management, through its Real Estate Principal Investment Area unit, is planning to initially buy up to 700 U.K. build-to-rent homes from Urban & Civic. Urban & Civic signed a three-year agreement to build new homes for rent across its portfolio of sites on behalf of Goldman Sachs. Urban & Civic plans to have the first project in this venture to target 149 homes at its development at Houlton, Rugby which is a joint venture with Aviva Investors.
Gatehouse Bank
Goldman Sachs and Pitmore made an acquisition of 918 units across 15 sites called the Thistle Build to Rent (BTR) property portfolio from Shariah-compliant challenger bank Gatehouse Bank PLC on January 8, 2021 for total consideration of around £150 million. Thistle is a Single-Family Home Private Rental Sector Fund launched in 2014 and is a joint venture between Gatehouse and Sigma Capital Group plc with a total investment in the region of £110 million.
In September 2021, Gatehouse Bank announced the launch of a £500 million joint venture with TPG Real Estate Partners (TREP) to enable construction of up to 2,500 suburban, purpose-built family rental homes across the North and Midlands.