01/04/2020

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Proptech firm Bricklane doubles size of portfolio by buying 74 rental homes | Online

The system, which makes it possible for the community to make investments in home portfolios for a tiny as £100, acquired the models from the British Household Unit Have faith in in a hard cash and shares transaction.

The models are spread across 4 properties in Manchester and Birmingham, and are 93% leased. They were acquired on behalf of Bricklane’s Regional Capitals REIT, escalating the fund’s portfolio to 127 properties. It now has £23.6m worthy of of belongings beneath administration.

Simon Heawood, main executive and co-founder of Bricklane, mentioned the firm was actively looking for additional portfolio offers. “Bricklane is nicely positioned to be flexible on the construction of our transactions, together with rapid-relocating hard cash buys, and this acquisition from BRUT on a portion-hard cash portion-shares basis [allows] landlords to relinquish the obligation of working day to working day home administration even though maintaining publicity to residential home.”

The acquisition follows the near of the firm’s £4.seven million Sequence A funding spherical, led by A/O Proptech and DMG Ventures.