A property firm on Monday said it has £500 million lined up for a land buying spree in London where it plans to create thousands of new rental homes.
Avanton, a investor and developer, said the land fund will focus on acquiring sites valued at between £20 million to £100 million each.
It will then look to invest further to create 300 to 1000 homes per development. In total it wants to create up to 5,000 rental homes by the end of 2023.
A number of investors have been backing professionally managed rental homes, as more people, particularly in London where it is increasingly tough to get on the housing ladder, look to lease properties for longer.
Avanton, which has previously invested in the sector, typically would remain landlord but get a professional manger to run the apartments.
The firm, led by Omer Weinberger, is on the hunt for sites in boroughs including Southwark, Wandsworth, Lambeth, Camden and Brent.
