Aberdeen has appointed rental living operator VervLife to manage four build-to-rent (BTR) schemes, taking over from John Lewis Partnership (JLP), Property Week can reveal.
The schemes comprise nearly 1,000 units, including 326 homes in the Clarendon Quarter in Leeds, 232 homes in the Queen Street Quarter in Leicester, 259 homes in Landrow Place in Birmingham, and 158-apartments at Stratford Studios in east London.
All four were managed by JLP before it announced it was exiting the BTR market in February, pointing to a “fundamental shift in the economic conditions”.
It added that it would fulfil its existing management contracts at all four sites as its made a “responsible transition out of the business”.
Aberdeen has now appointed VervLife, a management company based in Harrogate, to manage the sites.
An Aberdeen spokesperson said: “Following a thorough selection process, Aberdeen Investments has appointed VervLife as operating partner for its UK multi-family assets, reflecting its residential expertise, customer-focused approach, technology-led platform and operational strength.
“VervLife demonstrated the experience, capabilities and strategic alignment required to support Aberdeen’s growing living sector platform and deliver strong outcomes for residents and investors.”
Aberdeen first appointed JLP to manage its Clarendon Quarter scheme in 2023. The Leeds site comprises furnished one to three bedroom homes, including apartments for key workers at a discounted rental level. It was completed in 2017 before being acquired by Aberdeen in 2020.
JLP was then hired to manage both the Queen Street Quarter scheme and Landrow Place in 2024. The latter was completed in 2021, with amenities including fitness, home-working and socialising areas.
Finally, JLP took over Aberdeen’s Stratford Studios scheme, located near Queen Elizabeth Olympic Park, last August, after it was converted from a former office building in 2022.
JLP originally launched the BTR business in 2020 and progressed on three major schemes, in Reading, Bromley and West Ealing.
The partnership said it was now looking to “refocus on the partnership’s core retail brands”, John Lewis and Waitrose.
It placed the brunt of the blame for its withdrawal on the sector’s rapidly evolving climate, claiming its ambitions were based “on a very different financial environment: one with more stable investment returns, lower borrowing costs and more affordable costs to build”.
Last month, Katherine Russell, director of BTR at JLP, announced she was stepping down after nearly 20 years with the company.
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