American Homes 4 Rent, Värde Partners Enter $500M Land Banking Facility Agreement
Through the facility, the partnership aims to acquire and develop new land opportunities.
CALABASAS, CA – Single-family home rental provider American Homes 4 Rent and global alternative investment firm Värde Partners have entered into a $500 million land banking facility agreement to acquire and develop new land opportunities.
The facility provides $500 million in initial capacity as part of American Homes 4 Rent’s internal development platform.
The two companies have already closed their first six land transactions into the facility. The first six transactions total more than $150 million in acquisition and development costs. Due diligence is currently underway on additional sites.
This partnership further expands Värde Partners US housing footprint across its target markets.
“We are excited to combine Värde’s extensive experience in US housing with American Homes 4 Rent’s reputable homebuilding and development platform,” says Brendan Bosman, senior managing director at Värde Partners. “The demand for high-quality single-family rental homes has never been higher despite a persistent shortfall in supply, creating opportunities to invest in segments that we believe are well-positioned for growth. We look forward to working with American Homes 4 Rent to capitalize on these trends and the strong dynamics in their core markets.”
“Our facility with Värde Partners will enable us to continue the strategic expansion of our development pipeline while also maintaining our commitment to a best-in-class investment grade balance sheet and reducing long-term risk,” states David Singelyn, CEO of American Homes 4 Rent.
Singelyn adds, “With a continued focus on our disciplined underwriting process and a robust pipeline of development opportunities, we are well-positioned to execute our three-pronged growth strategy in our diversified portfolio footprint while driving value for shareholders.”