Annington, one of the largest owners of residential property in the UK, is pleased to announce that it has completed the acquisition of 207 homes from St Modwen Plc for £75 million. The homes, which are studio and one and two bedroom apartments in St. Andrew’s Park, Uxbridge, will add to Annington’s existing estate of over 40,000 homes, with an asset value of £7.4 billion.
Annington has more than 20 years’ experience as a private landlord, with the expertise, track record and financial strength to grow further in the private rental sector. The company successfully completed a £4 billion refinancing last year, one of the largest ever sterling corporate bond issues, and as a result has a strong platform from which to deliver its growth ambitions in this market.
James Hopkins, Chief Executive Officer, Annington Homes commented:
“As one of the largest private owners of residential assets in the UK, Annington has the scale, track record and expertise to build its position in the PRS sector. When the product is right, private rental can be a highly attractive housing option and we see it as a critical segment of the UK housing market, which is under huge pressure. Our strategy is to build on our existing portfolio and skillset to provide UK families with more affordable, quality homes.”
The UK housing market is undergoing a structural shift, from owning to renting, with private renters now comprising 20% of all households in England, more than double the number of households that were renting in 2000*. The UK Private Rental Sector (PRS) is highly fragmented, with only 2% of PRS investors owning more than 10 dwellings**. There is significant demand for experienced and professional landlords of scale to provide high quality, affordable homes for rent in the UK.
The transaction completed today, with Savills and Knight Frank acting as advisors
* Ministry of Housing Communities and Local Government; English Housing Survey, Headline Report 2016-17
** ONS; UK Perspectives 2016: Housing Ownership; IPF; The Size and Structure of the UK Property Market: End 2016
Brunswick Group LLP Tim Danaher
Tel: +44 (0)20 7404 5959 Emily Trapnell
Annington is one of the largest private owners of residential property in the UK with over 40,000 homes across England and Wales. To date, we have helped over 17,000 people purchase their own home, many of whom were first time buyers, service personnel and key workers.
Annington’s portfolio is unique in the private rental sector. While our homes range in style and size from one bedroom apartments through to eight-bedroom houses, the majority of our properties are detached, semi-detached and terraced family homes with gardens. Annington’s developments are often set in much more open space than you might find elsewhere, especially when compared to modern developments.
Annington has more than 20 years’ experience as a private landlord and specialises in truly affordable family homes. We are one of the few private sector organisations with experience at scale in the Private Rented Sector (PRS) and believe that our model can play an important role in addressing the UK’s current housing shortage. Annington was formed in 1996 with the purchase of 57,434 homes from the Ministry of Defence (MoD) and properties leased to the MoD to house military families continue to represent a large proportion of our portfolio.
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