Property company to buy up and upgrade thousands of properties

Real estate investment platform IMMO has targeted spending £1 billion buying and upgrading 3,000 UK homes.

The company said it would upgrade them to an EPC level of C “where possible” before renting them out.

IMMO says it uses artificial intelligence and its own proprietary technology to identify, acquire, retrofit and manage existing homes.

Anna Clare Harper, head of sustainability at IMMO, said: “Britain has some of Europe’s oldest and least efficient housing stock. The scale of the retrofitting challenge is huge, with a potential price tag running into the billions.

“The built environment is one of the worst offenders when it comes to carbon emissions. Without a programme of mass retrofitting, the UK will not be able to meet its net-zero targets.

“Public investment and regulations play an important role in bringing Britain’s housing up to modern energy efficiency standards. The private sector also plays an important role. Institutional investors such as pension funds and insurers are increasingly on the hunt for assets that produce reliable, long-term income streams to match their liabilities in a way that is socially and environmentally responsible.

“As a result, we have an historic opportunity to harness the power of technology and data to match long-term investments with the challenge of greening Britain’s housing stock to provide socially and environmentally responsible homes.”

IMMO founded its technology platform in 2017, while it has raised more than £2bn in capital commitments from institutional investors, including pension funds and insurance companies, to invest in single-family rental housing across Europe.

The company is headquartered in London and holds a strong presence in Germany. It manages a £66 million property portfolio in the UK and Germany, while it raised £63 million in venture capital funding to further develop its technology in April.

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