Oxford Properties Group and Delancey Real Estate Asset Management Limited have announced that DOOR S.L.P. has raised further commitments of £260m and £150m from Allianz Real Estate, acting on behalf of several Allianz group companies, and Local Pensions Partnership respectively.
DOOR is a dedicated residential investment vehicle, co-sponsored by Oxford and DV4 Limited, a Delancey-advised client fund, which, alongside APG Asset Management and Qatari Diar as separate shareholders, owns Get Living, a build-to-rent operator of large-scale residential neighbourhoods.
The latest closing brings DOOR’s current equity commitments to £1.2bn, following the initial seed capital from Oxford and DV4, and the £250m commitment from Swedish pension fund, Alecta, that was announced in March this year.
The capital will be used to invest in Get Living’s existing development pipeline and for further large-scale acquisition opportunities.
The equity will be put towards the continued growth of Get Living’s portfolio, which is targeting between 12,000 and 14,000 homes.
Lazard and Eastdil Secured provided financial advice to DOOR as part of the transaction.
“To have secured these significant commitments from high-quality institutional investors in the current market is a strong endorsement of the quality of the Get Living platform, our strategy, and our ambitions to scale the business,” said Joanne McNamara, head of europe at Oxford Properties.
“The residential rental sector has demonstrated its resilience during the pandemic and the long-term fundamentals underpinning the asset class remain unchanged.
“Having also completed our latest transaction in Lewisham — Get Living’s third London neighbourhood project — we now have strong momentum behind us to continue our expansion as part of Oxford’s global diversification strategy to invest into demographically-supported asset classes, such as multifamily.”
Kari Pitkin, head of business development for Europe at Allianz Real Estate, added: “We have a strong belief in the multi-family sector in gateway cities across the globe, and the UK’s living segment is no exception.
“We are delighted to be increasing our exposure to the asset class through a market-leading, prime investment vehicle.
“DOOR is very complementary to our chapter portfolio of student housing across London and, since we opened our local office in 2019, [we] are very happy to have found another investment with a high-quality management team and like-minded partners.”
Chris Rule, chief executive officer at Local Pensions Partnership, commented: “Supporting large-scale residential property projects is an important part of our investment strategy, and the Get Living platform presented the key characteristics that we look to add to our portfolio.
“This investment will support the delivery and ongoing stewardship of high-quality, affordable and professionally-managed homes.
“We are delighted to be contributing to the regeneration of local communities, while also creating sustainable and resilient assets that will provide value for our pension scheme members over the long term.”
DOOR, which was seeded with £600m of capital from Oxford and DV4, acquired a 39% stake in Get Living in August 2018.
Get Living recently announced a £252m forward-funding deal to accelerate the delivery of the second and final phase of Lewisham Gateway, a regeneration scheme in the South East, which will take the total number of homes within its management and pipeline to more than 8,000 homes across four cities.
Pictured above: Get Living’s East Village scheme at the former London 2012 Athletes’ Village
