Royal London enters Northern BTR market with 284-home Manchester deal
The pension provider has forward funded part of Kellen Homes’ 498-home Riverpark Road development in Newton Heath.
The deal, which includes 111 houses and 173 apartments, sees Royal London Asset Management enter the single-family housing market via the RLAM Living Fund.
The acquisition of 284 properties in Manchester takes the number of build-to-rent units in the fund’s portfolio to 1,250 following earlier deals in Slough, Bracknell, Barking and Watford. The value of the portfolio is now around £530m.
Once complete in Q3 2028, the Newton Heath homes will be managed by ProperTies Living, Royal London’s residential management firm.
Kellen secured planning approval for the 498-home redevelopment of a former abattoir off Riverpark Road in 2025. The remaining 214 homes not acquired by RLAM will be owned by housing association Great Places.
Paul Ruston, living fund manager at Royal London Asset Management, said Greater Manchester was a “natural choice” when deciding where to acquire its first single-family scheme as the market combines “acute housing undersupply with strong demand for attainable, family-sized rental homes from an established mobile workforce.”
He added: “Our long-term investment approach, combined with a vertically aligned model that enables close operational oversight, means we are well placed to support the continued growth of this emerging segment of the housing market.
“Complementing our ongoing expansion in the build-to-rent market, the single-family housing sector presents a significant opportunity for early mover advantage, underpinned by compelling supply-demand dynamics.”
Charlie Miller, director of transactions at ProperTies Living, said: “Riverpark brings our resident-first offer developed in the BTR sector to the single-family market, delivering the high-quality, professionally managed homes the region desperately needs.
“Following this first development, we plan to grow our North West footprint through a dedicated regional hub, establishing a local presence in the suburban and commuter markets where demand for these rental homes is significant.”
JLL advised Kellen Homes.
