LONDON 9 JANUARY 2017.
PMM Group, the alternative asset management company that originates and manages real estate and real estate debt investment, announces that it has acquired a synthetic interest in a residential life tenancy portfolio (“the Acquisition”).
The Acquisition transfers the ownership of rights over a portfolio of residential property reversions located through the UK, providing a contractual right to a percentage of gross sale proceeds when properties within the portfolio are sold upon reversion. As at 31 March 2017, the portfolio consisted of 1,092 predominately freehold residential properties.
MIKE WESTON, PARTNER OF PMM GROUP, COMMENTED:
“We are delighted to complete this acquisition which gives us a position in a well-maintained and geographically diversified portfolio of residential life tenancy properties. PMM is already the UK market leader in shared equity mortgages and the addition of an equity reversion strategy is a logical extension to our property asset management activities.”
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