Shoosmiths advises TPG Real Estate and Gatehouse Living Group on sale of single-family portfolio

Shoosmiths has advised TPG Real Estate and Gatehouse Living Group on the sale of Start Living, a 610-home single-family housing portfolio, to Lloyds Living.

The law firm’s living sector specialists advised on the real estate, corporate, tax and intellectual property matters for the deal.

Established through a joint venture between TPG Real Estate and Gatehouse Living Group in 2021, the Start Living portfolio comprises 578 two-to-four-bedroom homes and 32 low-rise apartments located across England, including the West Midlands, Nottinghamshire, Lincolnshire, and Merseyside.

All homes hold an Energy Performance Certificate rating of ‘B’ or higher, with Ascend set to continue operating the properties under the new ownership of Lloyds Living.

The transaction marks another milestone in the evolution of the UK’s single-family rental market. It also follows Shoosmiths’ role advising on the sale of Gatehouse Living Group and Sigma Capital’s 821-home portfolio to Lloyds Living in October 2024.

A cross-disciplinary team advised on the deal, led by Shoosmiths real estate partner Lyndsey O’Connor. Supporting were experts: Kimberley Goh, Sylwia Jakuczun, Ben Harper-Phillips, Alison Gilson, Daniel Kennedy, Gillian Watson, Morven Pinkerton, Rachel Munro and Lara Swanepoel.

Lyndsey O’Connor, real estate partner at Shoosmiths, said:

“The sale of Start Living reflects the growing maturity and institutional appeal of the UK’s single-family rental sector – a market where Shoosmiths has helped clients secure first mover advantage and is now supporting the successful disposal of operational portfolios.

“This deal also underscores the long-term role that single-family housing can play as a core component of the UK’s housing mix, with Shoosmiths’ living sector specialists continuing to advise key clients such as TPG Real Estate and Gatehouse Living Group on the sector’s growth and success.”