Atlanta-based multifamily real estate, investment, and management company Cortland has acquired LIV Group, a build-to-rent (BTR) firm based in Leeds, U.K., for an undisclosed amount.
LIV Group has managed and operated over 2,000 homes built to rent across the whole of Britain, with another 7,000 units in the pipeline for delivery by the end of 2021. Of them, 617 are private units managed for individual landlords, and 1,445 are managed for large home providers.
Cortland, which has been active in Britain since the opening of its U.K. office in 2017, intends to invest £4billion, or $4.9 billion, to build a portfolio of at least 10,000 professionally managed homes for rent in Britain.
“At Cortland, we believe that everything stems from our commitment to placing the resident at the center of our business decisions,” says Steven DeFrancis, CEO of Cortland. “LIV Group shares our passion for the resident and is built upon a deep expertise in property management with a unique understanding of brand and culture. We felt an immediate kinship and saw a great opportunity to bring our resident-first rental experience to the U.K., and our purchase of LIV will help accelerate that.”
The acquisition includes LIV Group’s specialized consultancy, LIV Consult, which provides BTR development guidance for clients throughout the U.K. and Ireland, and LIV Group’s residential block management business, which provides management services for over 8,000 leasehold properties. (Over 4.2 million homes in England are leasehold properties, or wholly owned buildings on property leased from a landowner. Many are city apartments, according to Bankrate UK. Click here to learn more.)
“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,” says Graham Bates, co-founder of LIV Group. “With Cortland’s unrivaled U.S. 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.”
Bates and LIV Group co-founder Helen Pearce will stay on with the business and continue to serve as stakeholders.
