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Thistle is a Build to Rent SFH property fund of 918 units

The portfolio was developed by Gatehouse Bank and later sold to Goldman Sachs in 2021 for c. £150m, the largest transaction of its nature in the UK at the time.

As well as migrating the properties from a previous agent, with no disruption to service, Ascend increased rents and revenue prior to investor exit and Goldman Sach’s purchase. 

Through our expert analysis, dedicated team and unrivalled tech platform, we were able to renegotiate rents which resulted in rent rises of 14% for new tenancies, plus almost 6% uplifts for renewals. This generated a blended revenue increase of over £300,000pa for the portfolio.




Relet rent increase


Revenue increase

During the transaction of Thistle between Gatehouse Bank and Goldman Sachs, Ascend was heavily involved in order to make the transaction as smooth as possible for the client, and to ensure as little disruption as possible for residents. 

We played a pivotal role in the transaction both from a compliance and due diligence point of view, as well as having full involvement in ensuring there was continuity of service to residents across the portfolio.

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