The management of The Collective Old Oak has acquired the remaining 75 per cent stake it did not own of the giant co-living scheme in West London.
Led by founder Reza Merchant, the management of The Collective, have received backing from Deutsche Bank and Catalina Re to complete the deal which values the 546-bed residential development in north Acton at £125million. The Collective appointed JLL and Savills to review options for its Old Oak scheme in March after a proposed £120m sale to Newham Council’s Red Door Ventures was pulled by the council’s newly-elected mayor Rokhsana Fiaz.
A statement from The Collective management team said: “The Collective as a platform has grown significantly in the past year [so] we are now better positioned to deliver upside that exists in the asset.”
Old Oak opened in 2016 and has amenities including a library, a cinema, a restaurant, shared kitchens and a grocery store including, it has had 98.6% occupancy for the past six months.