Rental housing investor has acquired UK third-party living and mixed-use operator Native Communities for an unspecified sum.
Greystar said it has acquired Native Communities from Ares Real Estate funds, founder Guy Nixon and management shareholders. Native Communities operates a national portfolio of 37 residential and mixed-use assets, representing more than 9,000 homes across England, Scotland and Wales.
Once the transaction completes, the operations of Native Communities will merge with the third-party property management business of Greystar, complementing its existing UK platform, which currently manages approximately 44,000 purpose-built student housing beds and build-to-rent homes.
The acquisition follows the recent addition of Dublin-based MD Property & Living, which established Greystar鈥檚 third-party property management presence in Ireland, Greystar said.
Mark Allnutt, executive director 鈥� Europe, Greystar, said: 鈥淭he acquisition of Native Communities marks an important step in expanding our third-party property management business across Europe. It strengthens our operating depth and enhances our ability to support clients as their portfolios grow across markets and sectors.鈥�
Bobby Faith, managing director, third-party property management, Europe, Greystar, said: 鈥淣ative Communities has built a highly regarded third-party property management business with strong client relationships and a talented team, and we are excited to bring our organisations together.
鈥淭his transaction accelerates a strategy already underway at Greystar, allowing us to scale third-party property management in a deliberate and disciplined way.
Guy Nixon, CEO, Native Communities, said: 鈥淣ative鈥檚 success over the past 20 years has been built on a strong focus on execution, service quality and long-term client relationships.
鈥淛oining Greystar combines those strengths with a global rental housing platform with the scale, experience and infrastructure to strengthen the support we offer to our clients across the UK and Europe.鈥�
John Ruane, partner and co-head of European Real Estate at Ares, said: 鈥淔or the last ten years, we have supported Guy and his team with the expansion of Native鈥檚 portfolio from 5 assets to 37 today, representing the addition of 9,000 high-quality homes.
鈥淲e are proud to have been a part of Native鈥檚 growth journey, providing our insights and resources to help the business fulfil its potential, and wish the team well in this exciting new chapter.鈥�
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