22nd November 2005
Imagine Homes and Bank of Scotland Corporate joint venture
On 22nd November 2005 Imagine Homes and Bank of Scotland Corporate entered into a joint venture with the investment objective of creating a £250 million residential buy-to-let property investment fund, which will be called Veritas Investments.
Here at Imagine Homes we acquire UK property from quality developers and have significant input on the design and specification throughout the building process. We only source investment property in desirable locations throughout the UK chosen specifically for both capital growth and high expected rental returns. We then sell the residential properties and rent them back from purchasers for two years, guaranteeing a rental yield of 7.5% per annum. We will rent and manage the properties using our experienced letting team and tenants are only found through trusted local agents. All tenants are subject to rigorous background checks, ensuring high quality occupants of the properties.
Grant Bovey, CEO of Imagine Homes and Veritas, said:
"Imagine Homes has grown rapidly in the last two years and now is the perfect time for us to accelerate the group's expansion through this joint venture with Bank of Scotland Corporate. The joint venture will significantly boost our purchasing capacity and reinforces us as a major force in the UK market. Through this partnership, Veritas could become one of the largest buy-to-let residential property portfolios in the UK."