In November 2014 we announced a funding relationship with Gatehouse Bank plc. The first tranche of the Gatehouse deal named ‘Thistle PRS’ delivered 918 new homes across 14 individual sites in Greater Manchester and the Liverpool area under the ‘DifRent’ brand. The commenced construction in December 2014 and was fully complete by March 2017. This expanded PRS portfolio is being procured with our house building partner, Countryside Properties, and lettings management partner, SDL. A dedicated lettings brand, Difrent, www.livedifrent.com has been established for the Gatehouse portfolio as we look to create a substantial cohesive PRS portfolio focused on family homes in the UK regions over the next five years.
In December 2015, we launched a second phase of PRS homes, with a new Gatehouse Bank plc fund, UK PRS Properties, which was again taken to market under the ‘DifRent’ name. This fund is supported principally by the Kuwait Investment Authority and institutional shareholders from the State of Kuwait. The UK PRS Properties phase comprises a further 607 rental properties across seven sites and has a total development cost of £84m. We commenced construction on the first of these sites in December 2015 and we have our first tenants already in residence from this new portfolio.
To visit the DifRent consumer website, please visit www.livedifrent.com
New homes built and in progress to date:
|Site Name||No. units|
|Hall Moss Farm||59|
|Bridgewater Park Houses||68|
|Bridgewater Park Apartments||74|
|Queen Mary Place||64|
|Manchester Road Houses||66|
|Manchester Road Apartments||72|