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Sun August 18 2019

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US investors target UK build-to-rent market

6 Aug Cortland, a US residential property corporation, has expanded its presence in the UK market with the acquisition of LIV Group

LIV is supporting Heitman on a build-to-rent scheme in Manchester
LIV is supporting Heitman on a build-to-rent scheme in Manchester

By taking over LIV Group, Cortland adds 2,000 private rented sector properties to its UK & Ireland portfolio in 14 separate developments. In addition, LIV provides project consultancy as well as residential block management services for more than 8,000 leasehold units nationwide.

LIV founders Graham Bates and Helen Peace are to stay with the business.

Atlanta-based Cortland, which owns more than 55,000 rental apartments in 18 cities across the USA, first arrived in the UK in 2017 through a joint venture with Orion Land & Leisure.

It plans to invest around £4bn to grow a portfolio of at least 10,000 homes for rent in Britain.

Paul Wrights, Cortland’s Europe president, said: “In addition to the acquisition of LIV Group and building a third-party property management portfolio, Cortland’s plan in the UK includes the construction and development of around 10,000 units. We have already broken ground on a 485-unit residential site on Ascot Road site in Watford, Hertfordshire, and are currently in the process of securing planning with Woking Borough Council for a 310-unit site in Woking town centre.”

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