Ritchie joins forces with Bank of Scotland for two new residential joint ventures
Bruce Ritchie
Central London residential investor Residential Land has teamed up with the Bank of Scotland. The bank has set up the two residential joint ventures – Pure Skill and Acquire London – with Bruce Ritchie’s Residential Land to focus on buying high-end residential stock in 24 prime postcode districts around Hyde Park.
Acquire London will be a trading fund aimed at buying and selling prime London flats and houses for a profit Pure Skill will be an investment fund that will run for five years and is intended to be sold to a REIT or a financial institution.
RL’s trading jv will be able to make the strategic decision to sell its property to the investment jv at current market prices if it chooses.
Bruce Ritchie, founder and managing director of RL, said: ‘’We are trying to position ourselves so that when we come to sell the fund within five years, a professional adviser for a fund will be able to come and inspect the portfolio and see 50-100 buildings that are all on nice street, not houses in multiple occupation. They will then be able to tick a box saying that the portfolio matches al the fund’s requirements.’’
He added: ‘’People understand central London residential property but the problem for big investors is that they can’t get big enough lot sizes. Both we and BOS aim to solve that problem.’’
For flats to rent in London visit https://www.residentialland.com
