Pictet launches its London residential strategy with £26.5m acquisition of two apartment blocks in Limehouse, East London
Two newbuild residential apartment blocks with 70 private units in Ropemaker’s Yard, Limehouse, developed by L&Q, have been acquired by Pictet Alternative Advisors (PAA). PAA has teamed up with Pinnacle Investments to assemble a portfolio of residential assets across London.
Pictet Alternative Advisors has launched a London residential strategy with the £26.5m acquisition of two residential apartment blocks in London, in partnership with Pinnacle Investments. Comprising 70 one- and two- bed units, the apartments were purchased in an off-market transaction from L&Q, one of London’s largest Housing Associations. The wider development forms part of a regeneration scheme of the old Ocean Estate in Limehouse, a well-connected sub-market between the City of London and Canary Wharf.
Pictet is planning on significantly increasing its footprint in the London residential market, aiming to capitalise on structural growth trends supporting increasing demand for high quality rental product at a time of limited supply and lack of housing affordability. The sector also provides resilience in a downturn, with residential the best performing asset this year in terms of rent collection.
Charlie Baigler, Head of Acquisitions, Real Estate at Pictet Alternative Advisors, said: “This purchase marks the launch of a key strategy for Pictet Alternative Advisors. The supply and demand fundamentals remain attractive and tenants increasingly seeking high quality, well located, and professionally managed rental apartments, with outdoor space and amenities. This asset fulfils those demands. Our partnership with Pinnacle ensures the highest standards in technology enabled property management, with a strong focus on ESG.”
PAA’s operating partner on this strategy, Pinnacle Investments, is a residential property specialist, providing asset management and property management functions. Chris Turnbull, CEO of Pinnacle Investments, added “we’re delighted to kick-off our work with Pictet on this exciting strategy and look forward to managing a growing portfolio of London residential assets over the coming years”.