CarVal Investors and operating partner Addington Capital have sold the Waterside residential scheme in Leeds to a specialist PRS fund managed by LaSalle Investment Management for aproximately £25 million. The acquisition by LaSalle is believed to be one of the first residential acquisitions by a UK institution of a standing investment in the regions and reflects the growing institutional investor interest outside of London for PRS investments.
Waterside is comprised of 183 one-, two- and three- bedroom apartments within an 18-storey tower developed in 2008 and is located on the edge of Leeds City centre and within walking distance of Leeds Railway Station. Given the shortage of housing in Leeds, the team has been able to add value through improvements to the management and lettings process and refurbishment of the property, including the creation of two new spacious entrance halls.
Leeds is increasingly attracting professionals to live and work in and near the city centre as the city’s business economy has grown. At the same time, there is a prevailing shortage of good quality apartments for young professionals to rent in Leeds and rents have grown substantially over the last three years.
Liv, formerly Eddisons Residential, acted in the management and lettings for CarVal Investors and Addington Capital.JLL advised La Salle.