Winckworth Sherwood aids L&Q in business sale

In a landmark transaction, Winckworth Sherwood has played a pivotal role in advising London & Quadrant Housing Trust (L&Q) on the successful sale of its Private Rented Sector (PRS) business. The deal, which was completed on 16 June 2026, was made with an investment fund managed by Morgan Stanley Real Estate Investing (MSREI) in partnership with Ridgeback Group for a remarkable £1,045 million.

The sale involved L&Q PRS Co Ltd, operating as Metra Living, and is a significant part of L&Q's long-term strategy to simplify its operations and focus on its core mission as a social housing provider. Metra Living has a portfolio managing around 3,200 homes across Greater London. As part of the transaction, Metra Living's operational platform, team, and its £300 million external debt facilities were also transferred.

In November 2024, L&Q announced it would seek buyers for its private rented homes. This led to a highly competitive tender process, ultimately resulting in the MSREI-Ridgeback partnership being selected as L&Q's preferred partner in June 2025. This choice reflects MSREI’s patient investment philosophy, combined with Ridgeback’s extensive experience in managing rental properties in the UK.

The successful sale assures residents of Metra Living will receive high-quality and responsive services from a dedicated PRS landlord. L&Q will maintain its relationship as a freeholder for PRS homes located within its developments.

The Winckworth Sherwood team demonstrated remarkable expertise throughout this complex transaction, with a multidisciplinary approach led by partner David Emery and supported by colleagues Charlie Proddow, Ruby Giblin, Ed Swain, Mandeep Sahota, Suzie Smith, Liam Hale, and Charis Beverton. David Emery remarked that “this is a pioneering transaction within the private rented sector, ensuring that this important portfolio remains under the control of a specialist PRS landlord while allowing L&Q to focus on its core purpose as a social housing provider.”

L&Q’s Director of Treasury, Martin Watts, highlighted the significance of the sale, stating, “We’re proud to have built a highly successful PRS business since entering the market in 2015 and the sale of Metra Living is a key milestone in delivering our long term strategy.” He also praised Winckworth Sherwood, noting that their support has been “instrumental in allowing us to complete this large and complex transaction,” and that it was “a genuine partnership to achieve this deal.”