PNFT Sells Portfolio for £58m


Lakeside, Manchester

PNFT Sells Portfolio for £58m

The Pervaiz Naviede Family Trust (PNFT) has today announced the sale of a residential property portfolio to Grainger plc in a deal worth £58.3m. The acquisition includes 614 apartments and townhouses from across the UK as the Trust seeks to move into premium commercial and residential markets.

Since 2009 the Pervaiz Naviede Family Trust has expanded its private rented sector (PRS) portfolio to more than 1,000 units. This has been achieved through a combination of new-build schemes by Trust-owned developer LPC Living and the strategic acquisition of distressed estates.

The Trust’s approach has been to seek lower priced properties and add value by investing in internal specification, enhanced communal facilities and external landscaping and introduce improved management and maintenance programmes. Units are predominantly located in Greater Manchester and Merseyside with smaller sites in Lancashire, Derbyshire, Cheshire, Nottinghamshire and Scotland. One site is Lakeside in Blackley, north Manchester (pictured).

The capital raised by the sale to Grainger plc is to be used to create a £100m fund to invest in high quality real estate opportunities across the UK.

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.”

The Manchester office of Gateley provided legal representations, acting on behalf of the Pervaiz Naviede Family Trust, with Allsops and Zameero acting as agents.

Tim Theakston, partner at Allsop, said “‘While interest in the Private Rented Sector remains strong, the supply of quality residential investment portfolios coming to the market continues to frustrate the sector. Having built up a substantial income producing portfolio it was therefore natural for our Client to take advantage of this demand, and sell a quality regional portfolio, benefitting from the rental income and gross yield actively being sought by purchasers such as Grainger”.

Rod Waldie, real estate partner at Gateley, said: “This is a significant private rented sector transaction and one that the firm is delighted to be involved in. Our team has worked closely with the Pervaiz Naviede Family Trust throughout its acquisition and development of its residential portfolio, alongside other asset classes. I’m sure that this transaction is the start of another successful year for the Trust.”

Following today’s exchange of contracts, completion of the deal is set for June.

© Pervaiz Naviede Family Trust & LPC1 Ltd. 2014. All rights reserved.

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