NEW YORK CITY (dpa-AFX) - Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Ridgeback Group have agreed to acquire Metra Living, the private rented sector housing business of London & Quadrant Housing Trust (L&Q), in a transaction valued at 1.045 billion pounds.
The deal includes a portfolio of approximately 3,200 rental homes across Greater London, Metra Living's operating platform and team, as well as 300 million pounds of external debt facilities.
Established in 2015, Metra Living operates a professionally managed rental housing platform focused on London's supply-constrained residential market. The portfolio is concentrated in areas benefiting from strong rental demand and favorable long-term housing fundamentals.
Morgan Stanley said the acquisition aligns with its strategy of investing in high-quality residential platforms in major urban markets where limited housing supply supports long-term rental income growth.
Following completion of the transaction, L&Q will continue providing freeholder services to leased properties within its developments.
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