Invesco enters private rentals with £32.5m buy

Fund management giant Invesco has made its first move into the UK private rented sector, spending £32.5 million on a site in west London on behalf of a UK pension fund.

Invesco Real Estate has bought the Gatefold Building in Hayes from construction firm Willmott Dixon’s private rented business be:here, which will manage the 118 flats for Invesco.

The deal reflects growing interest in the returns available from private rentals while tackling a shortage of accommodation in London and the South-East. The flats will be completed in 2016.

Invesco investment director John German said: “The project will provide market-leading rental stock in a strategic location with a proven demand for rental product.”