22nd November 2005
Imagine Homes and Bank of Scotland Corporate joint venture
Imagine Homes and Bank of Scotland Corporate have today 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.
Imagine Homes is mandated to secure assets and manage the fund which will invest in high quality residential property developments in desirable locations throughout the UK. Assets will be acquired through Imagine Homes’ existing channels and Imagine will then rent and manage the properties using their experienced letting team.
Imagine Homes was founded in 2003 by CEO Grant Bovey. It provides a unique and innovative buy-already-let property acquisition service. The company acquires property from quality developers – both local and national – and has significant input on design and specification throughout the building process. Imagine Homes sells the residential properties and rents them back from purchasers for two years, guaranteeing a rental yield of 7.5% per annum.
Tenants are sourced through trusted local agents and 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."