Following its initial investment, Invista Real Estate Investment Management Holdings plc has acquired the remaining 50 per cent of Invista Castle from joint venture partner Bank of America, for £26 million in cash.

Alongside the equity interest, Invista Real Estate will assume debt amounting to £73 million, due in 2028, together with a new three-year acquisition loan facility of £15 million.

Invista CEO Duncan Owen comments: “The deal represents an important transaction for Invista, with residential being a key growth area for the business. With longer term financing in place supporting the assets, Invista can concentrate on recycling its investment in Castle for the benefit of Invista shareholders.”

Castle owns a portfolio of 317 freehold houses across five sites in the southwest of England, built between 2001 and 2003 under the terms of a private finance initiative project to provide accommodation for senior MoD personnel. The portfolio has a gross yield of 6.7 per cent, based on assets under management of £127.5 million.