One of the UK’s first ever Build To Rent companies, Fizzy Living, has been sold to a global real estate company specialising in the management of rental properties.
Launched nearly a decade ago in 2012 by Metropolitan Thames Valley Housing - a social housing provider - Fizzy Living was the first professionally managed, branded BTR service of its kind in the UK, designed specifically to service young professionals.
Now the global giant Greystar will assume management of the Fizzy Living portfolio which comprises nearly 1,000 homes, from MTVH, with the acquisition completed at an implied portfolio valuation in the region of £400m.
As part of the transaction, the Fizzy Living brand and more than 30 employees will move to Greystar.
The Fizzy Living blocks are in London at Canning Town, Lewisham, Epsom, Stepney Green, Poplar, Walthamstow, Hayes and Silvertown.
Geeta Nanda, chief executive of Metropolitan Thames Valley Housing Association, says: “Housing associations have always been at the forefront of innovation, going into markets and locations others don’t.
“We are extremely proud to have continued that tradition by pioneering a new approach towards the build-to-rent market with Fizzy Living. When we established Fizzy nearly a decade ago, it was the UK’s first true Build To Rent brand, offering much needed rental housing to the city’s young professionals.
“Not only has it helped provide homes, Fizzy has also spurred institutional investment into the UK through launching and establishing BTR as an asset class.”
“Now that the whole BTR sector is firmly established in the UK, with roughly £45 billion of committed capital, this is the right moment to relinquish our remaining stake. Metropolitan Thames Valley Housing has always had an exit strategy for our investment in Fizzy, and Greystar is the right exit partner and we look forward to seeing them take the Fizzy brand to the next level.”