Liverpool developer and investor Caro acquires portfolio of 38 homes that was put on the market with a price tag of £2.75m. Tony McDonough reports
Liverpool developer and investor Caro has acquired a 38-home portfolio from receivers Watling to add to its residential holdings.
This acquisition, made by Caro Estates, continues the company’s trajectory of sustained growth in its owned and managed investment portfolio. The value of the deal was not disclosed but the asking price for the properties was £2.75m.
“This deal fits squarely with our ‘own and hold’ strategy and will enable us to bring our strong management and lettings resources to bear to add value,” said Neil Carlyle, Caro managing director.
“There’s strong reversionary potential in the portfolio and with a targeted refurbishment programme we’ll be able to bring vacant properties quickly to market via our in-house team at Caro Lettings,” added Mr Carlyle.
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Funding for the transaction was provided by Manchester-based lender Together, which has an £8.4bn loan book.
Together corporate lending directors Ritchie Watson, added: “Having worked with Neil Carlyle and the Caro Estates team since 2016, we’ve seen the business evolve into a highly experienced, multi-disciplinary operation.
“This latest acquisition is another excellent example of Caro’s ability to identify opportunities where its expertise can unlock value.
“The business is well positioned to enhance the properties, improve the customer offering and create a stronger, income-generating asset for the long term.”