CHALLENGE
Metropolitan Thames Valley (MTVH) is one of the UK’s largest housing associations, providing affordable homes, care and support services. It owns, manages or administers around 57,000 homes across London, the South East, East Midlands and East of England.
MTVH was formed in October 2018 when Metropolitan and Thames Valley Housing came together as a new group. It is a member of the National Housing Federation and currently chairs the G15, which represents London’s largest housing associations, collectively housing one in ten Londoners. MTVH believes everyone should have access to a home and the opportunity to live well.
Metropolitan Thames Valley Housing Association launched Fizzy Living, the UK’s first professionally branded build-to-rent service, nearly a decade ago in a JV with ADIA. Savills Capital Advisors was instructed to sell MTVH’s stake in the business.
SOLUTION
SCA delivered the following advisory services:
- Preparation of a financial model to underwrite the Opco and Propco;
- Preparation of a high quality Investment Memorandum for marketing purposes;
- Management of a virtual data room;
- Assisted with all commercial queries and led negotiations which were integral to the success of the transaction;
- Provided input into key transaction documents, alongside the legal adivsors.
RESULTS
Achieved competitive pricing of 4.9% above Red Book value and sold to Greystar, allowing them to scale up their residential exposure in the UK.
Greystar is the largest operator of apartments in the United States, managing more than 754,000 units/beds, and has a robust institutional investment management platform with approximately $49.9 billion of assets under management, including $22.6 billion of development assets.