Institutionally-owned and professionally-managed rental apartments are recent additions to the UK residential market, and lack of access to high-quality rentals and rental security remain national concerns. We identified the opportunity to put our global residential expertise and experience together with our local knowledge and relationships and our permanent, committed capital to help support the evolution and next phase of growth of a market leader in the sector.
In 2018, we partnered with London-based Delancey to create the residential platform DOOR through which we acquired a significant stake in UK award-winning built-to-rent platform, Get Living. At the time of investment, Get Living had 2,000 existing residential units and a development pipeline of 4,400 additional units.
Achieving scale in the sector is imperative to driving returns and provide an unrivalled customer proposition consistent with Oxford’s approach. With financial backing from DOOR and two other like-minded institutions, Get Living has the capital structure and alignment of investor interests needed to realize that scale imperative and fulfill its objective of delivering 14,000+ units by 2027.
In April 2020, we attracted additional investment funds to DOOR from a well-capitalized European pension plan, further enabling the growth and potential of the Get Living platform and delivering on Oxford’s strategic objectives. Two months after securing this capital commitment, we acquired another 649-unit multifamily-led development.