In one of the biggest property deals of the year so far, the Pervaiz Naviede Family Trust has just announced the sale of its substantial residential property portfolio to asset managers Grainger PLC, a firm which operates in the UK and Germany and already has more than 20,000 properties under its management.
According to a spokesperson for the Pervaiz Naviede Family Trust the deal is worth 58.3 million and include 614 apartments and townhouses from several areas of the UK. The imminent sale of its residential property assets marks a departure away from the sector towards premium commercial and residential markets.
The Trust had previously overseen a rapid expansion of its private rented sector portfolio, which since 2009 has grown to more than 1,000 units. Developers LPC Living, which operates under the umbrella of the Trust has been instrumental in acquiring distressed estates and building sites sold at auction and turning them into areas of regeneration.
The Pervaiz Naviede Trust’s approach with its residential portfolio was to enhance the appeal of existing buildings making them desirable places to live. Investments in areas such as internal specification, communal facilities and landscaping have helped rejuvenate areas of Manchester and other towns and cities across the UK.
The portfolio of properties that were for sale are located in cities including Greater Manchester, and Merseyside along with smaller elements of the portfolio in Derbyshire, The East Midlands, Cheshire, Lancashire, Nottinghamshire and Scotland.
The capital raised from the sale of the portfolio is to be used to help fund the Pervaiz Naviede Family Trust’s exploration of future real estate opportunities in the UK including commercial property.
Rudi Falla, spokesman for The Pervaiz Naviede Family Trust said: “With the portfolio established and well tenanted we feel it is time to sell the bulk of the units. There is a strong opportunity in both commercial and premium rental sector so this deal will enable us to reinvest in higher end properties across the UK with a view to longer term gains through rental yields and value increases.”
Such is the scale of the deal, it is likely to take six months to reach completion.
The Pervaiz Naviede Family Trust owns and maintains a diverse range of companies including Salford-based property developer LPC Living.
The Trust’s portfolio has been valued at £200m and consists property assets in the UK and UAE with additional interests in the commercial, residential, leisure, healthcare and childcare & education sectors.
LPC Living, the developers owned by the Trust currently manage sites in several UK cities including Liverpool, Manchester, Glasgow, Bradford and Liverpool.
Posted on: February 5, 2015