We’re delighted to share that we have provided Technical Due Diligence consultancy services on behalf of Morgan Stanley Real Estate Investing and the Ridgeback Group for their recent £1 billion acquisition of the Metra Living PRS portfolio, acting as sole Technical Advisor to the purchaser team.

The Metra Living portfolio comprises 3,000+ PRS units in London and was the private rental arm of Registered Provider L&Q Housing Trust. We have worked closely with the purchasing team over the past 12 months to provide Technical Advisor services in support of their acquisition.

We supported the purchaser team in understanding the assets’ condition, regulatory compliance position and the building safety risks across the portfolio. We translated key findings into clear advice that supported the needs of the transaction, our client’s negotiating position and the post-completion strategic asset investment plan.

We programmed our due diligence to focus first on the highest risk and highest value issues, enabling the client team to build confidence early and make well-informed decisions during the initial stages of their bid. This approach also helped prioritise follow-up enquiries and direct deeper review of the themes most likely to support and protect asset value, as well as to develop any necessary investment and remediation strategies.

During the 12-month period that we worked on the project, our key focus was on:

• Compliance: We reviewed the compliance information across the portfolio, focusing on key statutory obligations, record completeness and management arrangements.
• Fire safety: We completed due diligence on the fire safety documentation (including EWS1 forms, FRAEWs, strategies and risk assessments), identified risks from the perspective of institutional investors and helped develop solutions to any concerns.
• Statutory consents: We examined the relevant consents and approvals, highlighting constraints, missing information and items requiring follow-up or regularisation.
• Condition: We carried out an assessment of asset condition, including capital expenditure considerations, identifying material defects and likely investment priorities.
• External wall remediation: We provided advice on assets requiring external wall remedial works, including a review of remediation proposals and delivery considerations to support a practical, proportionate and compliant strategic plan for our client.

Where external wall remediation was identified, we supported the purchaser team by reviewing and assessing remediation proposals and in testing scope, deliverability and potential programme implications.

We also provided technical input to help negotiate the relevant legal agreements, ensuring that responsibilities, information requirements, deliverables and timescales were clearly captured and aligned to the transaction’s commercial objectives.

With multiple purchasing parties involved, we balanced different risk appetites and reporting needs while keeping outputs clear and actionable. Throughout the process, we worked constructively with the seller’s team to resolve technical queries efficiently and maintain a professional, solutions-focused dialogue.

To find out more about our Technical Due Diligence and Building Safety advisory services for stock acquisitions and for existing residential portfolios, please click here.