Helping develop the UK’s Build-To-Rent sector

Eversheds Sutherland advised Pitmore on the establishment of a new BTR platform with Goldman Sachs

Eversheds Sutherland has advised Pitmore (1) Limited (Pitmore) on the establishment of a private-rented and build-to-rent sector housing platform, alongside Goldman Sachs.

A team from Eversheds Sutherland advised Pitmore, a leading residential operator, in its collaborative investment and joint-venture with Goldman Sachs, which in turn acquired a £150m, 918-unit portfolio of rented houses in the North West on closing. Pitmore will serve as the operating partner of the joint venture which will target the single-family rental market. The portfolio was acquired from Gatehouse Bank.

Eversheds Sutherland’s team provided corporate real estate and tax advice throughout the transaction in the structuring of the platform for Pitmore.

The team was led by Stewart Womersley, Partner, Corporate; and Paul Beausang, Partner, Tax, and were supported by Michael Harris, Principal Associate, Corporate; and Charlotte Stodell, Principal Associate, Tax.

Stewart Womersley, said:

“It was great to be able to assist the Pitmore team on the establishment of the platform with Goldman Sachs to enable them to be able to complete their first deal, the largest UK transaction in single family BTR to date.”.

Tommy Adeane, Partner at Pitmore, said:

“Eversheds Sutherland were extremely capable and a pleasure to work with. Stewart Womersley is very experienced in this field and understood the wider business context as well as the detail of the contractual work. With a tight deadline, his team pulled out all the stops to make sure that the deal closed smoothly and on time”.