Uk-based real estate developer Avanton plans to invest £500m to carry out land acquisitions over the next three years. The move by the company marks its ambitions to enter into the UK’s build-to-rent segment.
The company plans to acquire land in places such as Brent, Islington, Southwark, Wandsworth, Wimbledon, Camden and Hammersmith. Avanton is expected to deliver up to 5,000 build-to-rent units between 2021 and 2023.
The company is eyeing to acquire sites with land values between £20 million and £100 million. It is expected to focus on future acquisitions by working alone, in addition through Joint Venture partnerships.
The company is planning to assemble a few portfolios of build-to-rent pipeline projects. The company along with ICG has carried out fresh developments in Richmond to deliver 453 high-Quality flats. The flats are expected to have amenities such as a pocket park, retail and office use.
Omer Weinberger, CEO of Avanton, told the media, “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision. This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this, we have set aside€ 572.4m (£500m) and are seeking attractive land opportunities to grow our BTR development pipeline yet further.”