|Date||08th January 2019|
|Source||Hearthstone Investment Management Ltd|
HRF1 to acquire two low-rise apartment blocks from Barrett Homes
Hearthstone Investment Management Limited, an institutional investment manager specialising in UK residential property (private rented sector), has announced its private equity fund, Hearthstone Residential Fund 1 (HRF1), has exchanged contracts with Barratt Homes for the purchase of 22 two-bedroom apartments for a total of £4.7 million.
This latest acquisition for the fund marks the first investment in Bristol. The apartments are scheduled to be completed by the second quarter 2019 and available for let to families, young professionals and key workers.
Richard Otten, Partner & Director of Asset Management, Hearthstone Investment Management commented, “This latest acquisition is located to the north of Bristol’s city centre in an area with excellent local transport connections and significant local employment. The city of Bristol and its surrounding areas has a vibrant local economy and is home to major employers including Rolls Royce, Airbus, an array of financial services providers and two universities.”
Barratt Homes is advised by Osborne Clarke and HRF1 is advised by Charles Russell Speechlys LLP.