A 600-unit apartment Build to Rent portfolio has changed hands off-market.

The joint venture between BTR player PLATFORM_ and Invesco Real Estate (a $99 billion global real estate investment business) has disposed of the 600 flats with the advice of Knught Frank.

They’ve been purchased for an undisclosed sum by LRC Group, a real estate investment and fund management firm with €6 billion of assets under management.

The portfolio comprises five residential buildings located in Exeter, Stevenage, Bedford, Bracknell, and Crawley. 

With 608 residential apartments and four commercial interests, the portfolio is one of the largest transactions to take place in 2024.

A statement from the seller refers to each area’s development as an asset.

A spokesperson for Invesco Real Estate says: “We are pleased to announce the successful sale of our residential portfolio, which we have actively developed as part of our strategic business plan. 

“Invesco Real Estate have invested €1.2bn into the residential sector over the past 2 years, and this successful disposal underlines our commitment to creating premium housing and delivering value for our stakeholders. We will continue to pursue our objective of creating high-quality communities and exploring new growth opportunities.”

And Guy Stebbings, Head of Operational Build to Rent at Knight Frank, adds: “The repurposing of existing assets is a crucial model if we are to reach the housing delivery goals that the Government is setting out. The quality of these conversions is clearly critical, but we are delighted to see institutional capital acquiring this type of product at scale.”