CDL expands UK presence with Yardhouse acquisition

City Developments Limited (CDL) is ramping up its private rented sector (PRS) portfolio in the UK with the acquisition of Yardhouse for GBP88 million ($148.6 million). This 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units, adding to CDL’s total of 4,771 operational and pipeline units in the UK, Japan, Australia, and the US.

“This dovetails with our strategic focus to scale up our global living sector portfolio to enhance our recurring income and augment our fund management aspirations,” says CDL’s group CEO Sherman Kwek.

The Yardhouse is located opposite the expansive 23-acre campus of Imperial College and within walking distance to Westfield London, UK’s largest shopping centre. CDL will forward-fund this PRS project, which is expected to be completed in 2026.

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“Despite macroeconomic and geopolitical challenges, the UK PRS has proven to be an exceptionally resilient asset class with robust operational performance,” says Kwek. He adds that Yardhouse’s prime location at the heart of a burgeoning district will allow it to capitalize on the growing demand for flexible, professionally managed communal living solutions.

This marks CDL’s first co-living project in the UK and its fifth PRS project since 2019. The first was The Junction in Leeds, a 665-unit project that achieved full practical completion last year. CDL also acquired two more PRS projects this year, including The Castings in Manchester, a 352-unit forward-funded project by CDL Hospitality Trusts (CDLHT), and The Octagon in Birmingham, with 370 units.

In November 2023, CDL acquired its second PRS project in Manchester, called 1NQ, a 261-unit forward-funded project. With these acquisitions, CDL further solidifies its position as a global player in the PRS market, and its commitment to growing its recurring income through strategic investments in the real estate sector.