Bricklane acquires £13.6m residential property portfolio
Bricklane has completed the acquisition of a portfolio of residential assets worth more than £13.6m from the British Residential Unit Trust (BRUT).
The portfolio comprises of 74 residential rental properties in Manchester and Birmingham.
Simon Heawood, chief executive and co-founder of Bricklane, said: “We are actively looking to buy portfolios that fit our strategic criteria and can help us to increase our scale, ultimately benefiting our investors and tenants alike.
“Changes to taxation and legislation are making it less worthwhile for individual investors to manage buy-to-let properties themselves.
“Bricklane is well positioned to be flexible on the structure of our transactions, including fast-moving cash purchases, and this acquisition from BRUT on a part-cash part-shares basis, enabling landlords to relinquish the responsibility of day to day property management while maintaining exposure to residential property.”
Bricklane’s Regional Capitals REIT (the “Fund”) increased its total number of properties to 127, taking its assets under management to £23.6m.