Gatehouse Bank sells portfolio to Goldman Sachs for £150m

The deal, the largest transaction of its nature in the UK to date, comprises a portfolio of 918 units, predominantly two-and-three-bedroom homes across North-West England.

Thistle, a single-family home PRS fund launched in 2014, is a joint venture between Gatehouse and Sigma Capital Group with a total investment in the region of £110m.

Developments are located in areas of high demand from families seeking to rent quality property with access to schooling, transport networks and ample amenities. This type of real estate investment has proved one of the most robust under current economic pressures. Thistle’s occupancy is at 99.8% and rental collection rates of around 98%.

Charles Haresnape, Gatehouse Bank’s CEO, said: “Thistle has not only been a highly performing investment throughout, it has also proved resilient during the Covid-19 pandemic, which is a key consideration in this market. As such, a strategic decision was made to exit Thistle and crystalise returns for the investors. The marketing process generated a high level of world-class institutional investor interest and we are pleased to announce a deal has been finalised with Goldman Sachs.”

Paul Stockwell, Gatehouse Bank’s chief commercial officer, commented: “The UK private rented sector has experienced consistent growth over the past five years underpinned by strong supply/demand dynamics. We are now looking to further develop our expertise in this sector with the creation of another fund in 2021.”