Morgan Stanley Leads Acquisition of Metra Living, Adds 3,200 Greater London Rentals
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), alongside Ridgeback Group, has acquired the Private Rented Sector business of London & Quadrant Housing Trust (L&Q), which trades as Metra Living, for a total enterprise value of £1.045 billion (approximately US$1.38 billion). The transaction includes a portfolio of approximately 3,200 homes across Greater London, as well as its fully integrated operating platform, team and £300 million of external debt facilities.
Shamik Narotam, managing director at MSREI, said: “This investment reflects our conviction in the long-term growth of the UK private rented sector, supported by structural demand for professionally managed rental housing. We look forward to building on the platform’s strong foundation and continuing to deliver high-quality homes and services to residents.”
MSREI and Ridgeback were advised by Savills, Clifford Chance and Gowling. L&Q was advised by BNP Paribas, BDO, Pinsent Mason, Knights and Winckworth Sherwood.
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Essex Property Trust, Inc.
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