BlackRock and U.K. real estate manager Outpost Management agreed a new joint venture to invest £500 million ($684 million) in U.K. residential real estate in London, the companies said in a joint news release.
The firms said they have acquired 121 residential units that feature sustainable technologies aimed at reducing energy consumption and improving water use.
“We see high-quality residential sites in prime locations as an opportunity,” James Halstead, director at BlackRock European Real Estate, said in the news release Thursday. “As competition for residential units intensifies, this acquisition demonstrates our continued ability to source attractive deals.”
Troy Tomasik, Outpost Management founder and CEO, added: “Securing this site in partnership with BlackRock is a huge achievement for Outpost and is an important step for us as we build a market leading rental housing platform in Europe.”
Outpost has invested more than £5 billion in residential real estate, according to the latest data available. BlackRock managed $285 billion in alternative investments as of Sept. 30.
A BlackRock spokeswoman did not disclose further details about the joint venture Friday,noting that it is combining BlackRock’s sourcing and investment knowledge with Outpost’s property management skills.
An Outpost spokesman could not be reached to provide further details about the joint venture.
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