Atlanta-based real estate and investment giant Cortland said it acquired Leeds-based build-to-rent (BTR) specialist LIV Group for an undisclosed sum.
Cortland said it now plans to invest £4 billion to grow a portfolio of at least 10,000 “professionally managed homes for rent in Britain.”
Based in Leeds with London offices, LIV Group was one of the earliest entrants to the BTR sector.
Cortland said LIV Group “has gained vast experience mobilising, leasing and operating in excess of 2,000 BTR homes nationwide with around 7,000 units in the pipeline for management, which it will deliver by the end of 2021.”
Cortland owns more than 55,000 rental apartments in 18 cities across the United States and opened its UK office in 2017.
LIV Group co-founder Graham Bates said: “As the leading management platform for BTR, we are at the forefront of the revolution to change the private rented market into a professional, fit-for-purpose and customer-driven service, where residents feel that their needs are taken seriously.
“With Cortland’s unrivalled US experience and backing, we can refine our best-in-class services and extend our offering across the country at a faster rate.
“We are thrilled for current and future LIV clients and residents to enjoy the benefits of this exciting partnership.”
LIV founders Bates and Helen Peace will stay with the business and will continue to be stakeholders.