AIMCo and Ridgeback grow BTR Platform with the acquisition of Mitre Yard in North Kensington
LONDON, Oct. 30, 2024 /PRNewswire/ -- Alberta Investment Management Corporation (AIMCo) and Ridgeback Group have acquired Mitre Yard, a premier Build-to-Rent (BTR) development in North West London. This acquisition from City & Docklands adds to the joint venture's expanding footprint in the thriving BTR sector and aligns with its vision for delivering high-quality urban homes for rent.
Mitre Yard is a newly completed residential development featuring 241 apartments along with over 5,000 sq ft of commercial space and extensive resident amenity. The management of Mitre Yard will be undertaken by ila, Ridgeback's in-house management platform. ila's comprehensive management approach will ensure that residents experience seamless service and enjoy the full benefits of their new community.
Situated adjacent to the Old Oak Opportunity area and the under-construction Old Oak Common railway station, which will serve both HS2 and Crossrail, the area is expected to be transformed into a thriving super-connected neighbourhood with over 250,000 passengers forecast to pass through the station every day.
The acquisition of Mitre Yard further strengthens the AIMCo-Ridgeback Joint Venture's position as one of the UK's largest BTR platforms, with a portfolio of over 3,300 apartments across 11 assets with a GDV of c.£1bn.
George Bossom, Partner at Ridgeback Group, said: "We are pleased to complete the acquisition of Mitre Yard, adding to our best-in-class UK BTR portfolio. The last few years have clearly demonstrated the strength of the BTR sector as we have continued to see demand for high quality rental homes increase and we are delighted to be continuing our long-term partnership with AIMCo."
Rupert Wingfield, Head of European Real Estate at AIMCo, said: "AIMCo continues to have confidence in the UK BTR sector, and in particular we have sought to increase our exposure to the dynamic London market where the current viability challenges are continuing to constrain future supply. The acquisition of Mitre Yard is an important strategic milestone as we continue our expansion into the sector, and we look forward to working with Ridgeback and ila to create another exceptional living experience in West London."
Gary Sacks, CEO at City & Docklands, said: "We are delighted to work with two such well-regarded blue-chip organisations, Ridgeback and AIMCo. It's really fantastic that we have managed to attract institutional grade investment capital into this exciting West London regeneration area."
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$168.9 billion of assets under management as at June 30, 2024. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, Luxembourg, New York, and Singapore, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit www.aimco.ca or follow us on LinkedIn.
About Ridgeback Group
Ridgeback Group is a fully integrated investor, developer and operator with a UK Build-to-Rent residential portfolio of over 4,200 homes with a GDV in excess of £1.4bn.
For more information, please contact: Alberta Investment Management Corporation, mediarelations@aimco.ca
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