Torsion Group has sold a 50% stake in its £90m Phoenix built-to-rent scheme in Leeds to Oliver Cookson’s family office.
The Leeds-based real estate company will retain the remaining 50% with its joint venture partner Khalbros Group.
The Phoenix consists of two tower blocks in the centre of Leeds. Block A is a 156-flat BTR development. Block B, which will contain flats for private sale, has been pre-sold and will be ready for occupation in the first quarter of 2024.
Dan Spencer, group chief executive at Torsion Group, said: “The Phoenix represents our continued growth in the living sector and the company’s first venture into the BTR and BTS market… This deal shows that prime assets in great locations are proving to be resilient and remain attractive to investors.
“The BTR assets complement our delivery model and operational business and deliver excellent returns. Having a fully vertically integrated delivery model including developer, contractor, facilities management, and operator allows us to ensure we deliver best-in-class sustainable buildings.”
He added: “We will continue to grow in the BTR sector and have recently secured planning on our subsequent three schemes in Leeds, Manchester, and Sheffield.”
Oliver Cookson said: “Leeds is a great place to invest for the long term. It’s a leading business hub with key growth industries bringing new opportunities, and a huge student population with the talent to make it even better.”
The transaction team consisted of Shakespeare Martineau, DWF, Shoosmiths, Addleshaw Goddard on legals, Cowgils and Saffery on tax, Maslow Capital on debt financing, and additional professional services provided by Abacus Cost Management, Gardiner & Theobald and Dalbergia Group.
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