Gatehouse Bank has partnered with Ascend Properties, the Manchester-based estate and lettings agency, to extend its reach into the Build to Rent sector.
Gatehouse currently advises two Build to Rent funds, which cumulatively have provided over 1,600 family properties for rent in Greater Manchester, Merseyside and Warwickshire and plans to launch a third.
The property agency will continue to be run independently under the leadership of founders, David Giovanni and Ged McPartlin. Under the new partnership, Charles Haresnape, chief executive and Paul Stockwell, chief operating officer at Gatehouse Bank, have joined Ascend’s board as non-executive directors.
Haresnape said: “We are delighted to have agreed our new partnership with Ascend. Both organisations have a challenger approach in their respective markets and we believe our investment will enable both brands to achieve our strategic objectives.
“Gatehouse is a pioneer in the Build to Rent market, ensuring that new, family homes are being built and playing our part in the supply of additional homes, which is vital for the UK housing market.
“The founders have built Ascend into a fantastic award-winning business and we see them leading Ascend as an independent business but with the support of additional properties to manage, as the Build to Rent sector continues to grow.
“I am confident that our new partnership will prove a big success for both parties.”
David Giovanni, chief executive at Ascend Properties, said: “The team at Ascend has achieved a huge amount since we launched in 2014 and this success has resulted in our new partnership with Gatehouse Bank.
“We were impressed by Gatehouse Bank’s plans for further expansion in the UK housing market, as their plans very much fit with our strong growth ambitions.
“The investment in Ascend will enable us to expand our business much quicker than we had previously planned and we look forward to working with Charles and the leadership team at Gatehouse.”
The bank expects an increase in the number of properties managed in these Build to Rent funds to reach over 6,000 in the next two years.
