Godwin Developments launches joint venture with institutional real estate investor

Birmingham-based developer Godwin Developments has launched a national built-to-rent joint venture with an unnamed institutional investor. 

Godwin said it aims to build a portfolio of urban and suburban homes with the investor with “strong” environmental, social and governance credentials, valued in excess of £1bn. 

Godwin Developments

Godwin Developments’ homes

Godwin, which announced it had appointed Tom Smallbone to the new role of head of residential development in the summer, refused to name the investor but claimed it was a “leading institutional real estate partner” which had “significant experience in investing in the living sectors across multiple jurisdictions, including in the UK”. 

The JV will deliver homes for single and multifamily sectors, but the firm could not state the number of homes it planned to build at this time. 

Stephen Pratt, director and co-founder at Godwin Developments, which has offices in Nottingham and central London in addition to its Birmingham headquarters, said build to rent as an asset class “is rapidly establishing itself as a real alternative to home ownership, delivering an opportunity to alleviate the shortage of housing across the country. 

“This launch is truly transformational for our business” 

The JV wants to initially concentrate on building its portfolio by buying standing and forward funded stock as well as by unlocking land opportunities for development. 

Godwin said it wants to build single-family units for rent in the Oxford-Cambridge Arc area and multifamily homes in London, Bristol and Birmingham. 

The developer was advised in the deal by Alantra, for corporate finance, by Gateley for legal services, and by KPMG on tax.