Keystone Law IoM has advised investment manager ARA Venn on the Isle of Man law aspects of the long-term financing for the £400m+ acquisition of three build to rent developments by German real estate investor ECE. The loan was provided under ARA Venn’s UK Government-backed £3.5bn Private Rented Sector Housing Guarantee Scheme. Macfarlanes LLP led the transaction on behalf of ARA Venn.
ECE has acquired the portfolio of 2,063 units of build to rent residential accommodation located in the centres of key regional cities Birmingham, Leeds and Manchester. The properties have been acquired from Dandara, the build to rent developer and property manager. This marks ECE’s first investment into the build to rent market. ECE will be responsible for management of the developments in partnership with Dandara.
This is a landmark transaction in UK PRS, and one of the largest financings to date under ARA Venn’s Private Rented Sector Housing Guarantee Scheme.
The Keystone IoM team included directors Sally Cranshaw and Geoff Kermeen from the commercial real estate finance team.