TPG and Gatehouse Living Group Sell 610-Home SFR Portfolio To Lloyds Living

TPG and Gatehouse Living Group Sell 610-Home SFR Portfolio To Lloyds Living

LONDON - 9 OCTOBER 2025 - TPG Real Estate, the real estate platform of global alternative asset management firm TPG, and Gatehouse Living Group, today announced the sale of Start Living, a 610-home single-family rental (SFR) portfolio to Lloyds Living. The portfolio was established through a joint venture formed by TPG Real Estate and Gatehouse in 2021.

The Start Living portfolio includes 578 two-to-four-bedroom homes and 32 low-rise apartments located across England in the West Midlands, Nottinghamshire, Lincolnshire and Merseyside. All homes have an Energy Performance Certificate (EPC) rating of 'B' or higher, putting them in the top 10% for energy efficiency and reflecting the portfolio's enduring focus on community and long-term sustainability. Ascend, the UK's largest third-party operator of SFR and manager of the portfolio, will continue to operate the properties under the ownership of Lloyds Living.

James Piper, Partner at TPG, commented: "We established our joint venture four years ago in recognition of the meaningful gap that exists between the UK's growing population and its limited housing supply. We are proud to have partnered with Gatehouse Living Group to develop a dynamic portfolio of high-quality, well-located homes uniquely tailored to the needs of modern renters. The transaction reflects TPG Real Estate's thematic approach and focus on building and scaling leading platforms and portfolios."

Paul Stockwell, Chief Executive Officer of Gatehouse Living Group, added: "This benchmark portfolio sale - our third overall and second in less than a year - demonstrates the strength of our unique investment, asset and property management platform. We are proud to have partnered with TPG Real Estate in building this portfolio, and its disposal represents yet another achievement as we continue to lead the SFR sector. Our approach has seen the acquisition of more than 5,000 homes across five separate portfolios - deploying over £1 billion of capital - and we continue to drive the SFR sector forward as it becomes an ever more important pillar of the UK's housing mix."

TPG Real Estate Partners, TPG's opportunistic real estate investment fund series that invested in Start Living, focuses on investing in property-rich platforms and strategic portfolio aggregations across the U.S. and Europe. Recent investments include Evara, the largest privately owned residential developer in Ireland, and Intervest, the take-private of a logistics REIT with ownership across leading markets in Western Europe. The transaction also represents the third successful SFR portfolio sale by Gatehouse Living Group, which has in total acquired more than 5,000 homes across five platforms, deploying over £1 billion in capital.

Contact:

TPGMichael Russel, Greenbrook [email protected]

GLGAndrew Jefford, [email protected] 116 234

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

Gatehouse Living Group is a vertically-integrated residential real estate investment and asset management platform, holding a unique market position and unrivalled track record as a pioneer of UK SFR. The Group as acquired more than 5,000 homes across five platforms - deploying over £1 billion of capital - and oversees all aspects of investment in the sector, including origination, structured finance, acquisitions and deliver, asset management, lettings and property management, stabilisation and disposal. Ascend, Gatehouse Living Group's property management business, is the UK's largest third-party operator of SFR, overseeing more than 9,500 homes, around two thirds of the entire asset class.

About Lloyds Living

Lloyds Living is part of Lloyds Banking Group. Launched in 2021 as Citra Living, and rebranded in 2024, Lloyds Living has grown its total portfolio of high-quality homes for rent and shared ownership to over 7,000.