Oaktree to fund £1 billion London coliving portfolio
UK: Oaktree Capital has partnered with Balance Out Living and will develop a £1 billion coliving portfolio in London before targeting Europe.
Oaktree, which has $166 billion in assets under management globally, is backing Balance Out Living, which will develop and operate the properties. Oaktree Capital’s European Principal Fund V will be the investment vehicle for the project.
Yesterday it secured its first planning consent, for a 213-unit scheme close to Battersea Park in Wandsworth, south-west London, designed by Claridge architects. The 18-storey Culvert Road scheme will feature 16,000 square feet of on-site amenities, including outdoor terraces, a gym, café, bar, lounge, workspaces and kitchens, along with cycle storage and landscaping. The plans will also feature “green walls, edible gardens and landscaped terraces offering panoramic views of London”.
The company has also submitted, or is on the verge of submitting, planning applications for a further 900 units across London.
It is seeking further acquisitions “targeting well-connected sites close to established cultural, social and fitness offerings”.
Balance Out Living was founded by co-chief executives Sarah Christie and Zafar Bhunnoo. Christie has formerly held senior positions at The Collective and WeWork. Bhunnoo is a former development director at Blackstone.
Christie said: “Our own experiences, including my time living at the Collective Old Oak, taught us just how important home and community is to personal wellbeing. From design through to operations, we have considered how to support our future residents achieve a more balanced, healthy lifestyles and this will be demonstrated at our Battersea development.”
Bhunnoo said: “Our focus is on building a high-quality stabilised portfolio in London, acquiring additional sites where we can deliver schemes of appropriate size and scale, before expanding into other European cities where there are similar underlying market fundamentals that support the growth of co-living.”
This story was originally posted on February 24, 2022 on servicedapartmentnews.com
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