Investment firm wraps up £100 million capital deals

An investment firm has secured £100 million-plus residential deals.

Principal Asset Management has bought two London multi-family schemes for an account client.

The deals include part of the King George’s Gate development, at Earlsfield, in Wandsworth, and a newly-completed residential block at Clapham Park, in Clapham.

Bosses say the firm has forward-funded the acquisition of 130 residential units across two connected eight-storey buildings at King George’s Gate, which is set to complete next year, and bought a 66-unit building at Clapham Park.

Chris Game, Principal fund manager, said: “These acquisitions reflect our conviction in the UK residential market and our strategy which focuses on well-located, high-quality assets that offer durable income and downside protection. 

“Both investments benefit from strong local fundamentals, excellent connectivity and limited competing supply, making them well positioned to deliver a quality rental experience for tenants and attractive long-term outcomes for our client.”

Principal was advised by Newmark on its Earlsfield deal and Harris Associates on its Clapham Park move.

DAC Beachcroft acted as legal adviser on both transactions, with Greenberg Traurig providing tax and structuring advice, Arcadis acting as technical adviser and Pinnacle Investments providing commercial advice. 

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