Lloyds Living has bought a 610-home portfolio known as Start Living, set up by Gatehouse Living Group and TPG Real Estate.
The new homes brings Lloyds Living’s total to just over 7,300 homes.
The deal includes 578 single-family houses and 32 low-rise apartments, with the apartments located in Fairham, Nottingham.
The homes are spread across West Bromwich, Nottingham, Liverpool, Grimsby, Scunthorpe and Coseley, near Bilston.
Over 550 of the homes are already completed and let, with the rest at Fairham and Padstow due to finish in the last quarter of 2025.
The homes are built by Countryside and Vistry.
All meet a minimum Energy Performance Certificate (EPC) B rating, and include a mix of one to four-bedroom homes.
Matthew Burgess, chief investment officer at Lloyds Living, said: “This new deal is another significant step in our growth journey.
“The secondary market for PRS portfolios is still in its infancy but is vital to the wider success of the sector by allowing a freer flow of capital and continued investment in new developments.
“The homes we have acquired provide quality living in places people want to live, work and grow their families – exactly what we offer our customers.”
The homes will keep being managed by Ascend.
Savills Operational Capital Markets advised Lloyds Living on the acquisition.
Paul Stockwell, CEO of Gatehouse Living Group, said: “We are proud to have partnered with TPG Real Estate in building this portfolio, and its disposal – our third overall, and second in less than a year – represents another achievement for our unique, vertically-integrated investment, asset and property management platform.
“Our approach has seen 5,000 homes delivered or under construction – and over £1 billion of capital deployed – and we look forward to further growth as SFR becomes an ever more important pillar of the UK’s housing mix.”
