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LONDON – Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), alongside Ridgeback Group (Ridgeback), announced today the acquisition of the Private Rented Sector (PRS) business of London & Quadrant Housing Trust (L&Q), which trades as Metra Living, for a total enterprise value of £1.045 billion.
The transaction includes a portfolio of approximately 3,200 homes across Greater London, as well as its fully integrated operating platform, team and £300 million of external debt facilities.
Established in 2015, Metra Living has developed into a scaled, institutionally managed PRS platform focused on delivering high-quality rental housing. The portfolio is concentrated in supply-constrained London submarkets, supported by strong underlying rental demand and favourable long-term market fundamentals.
Commenting on the transaction, Shamik Narotam, Managing Director at Morgan Stanley Real Estate Investing, said: “We are pleased to acquire Metra Living, a high-quality, scaled platform in one of Europe’s most supply-constrained residential markets. This investment reflects our conviction in the long-term growth of the UK private rented sector, supported by structural demand for professionally managed rental housing. We look forward to building on the platform’s strong foundation and continuing to deliver high-quality homes and services to residents.”
George Bossom, Partner at Ridgeback, said: “We are delighted to complete this acquisition with MSREI. This investment further reinforces our conviction in the UK PRS sector, where strong structural demand and a continued shortage of high-quality rental housing support attractive long-term fundamentals.”
Fiona Fletcher-Smith, Group Chief Executive at L&Q said, “The sale of Metra Living is a key milestone in delivering our long-term strategy, and we’re extremely pleased to have reached this agreement with MSREI. We’re proud to have grown a successful PRS business since 2015, but we have a clear strategy to simplify our business and focus on our core purpose as a social housing provider. This sale further strengthens our financial resilience, supporting our long-term drive to invest in new and existing homes across Greater London and Greater Manchester.”
The acquisition is consistent with MSREI’s strategy of investing in high-quality residential platforms in leading urban markets, where strong demand dynamics and limited supply support long-term income growth.
L&Q will continue to provide freeholder services to PRS homes leased within its buildings.
MSREI and Ridgeback were advised by Savills, Clifford Chance and Gowling. L&Q were advised by BNP Paribas, BDO, Pinsent Mason, Knights and Winckworth Sherwood.
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $58 billion of gross real estate assets worldwide on behalf of its clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.9 trillion in assets under management or supervision as of March 31, 2026. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
About Ridgeback Group
Ridgeback is a UK focussed fully integrated real estate investor, developer and operator with over £2.6bn of assets under management.
About L&Q
L&Q is one of the UK’s leading housing associations and residential developers, housing around 250,000 people in more than 105,000 homes, primarily across Greater London and Greater Manchester. Social purpose is central to everything we do, and as a not-for-profit organisation, all the surplus we make is reinvested into helping house those in greatest need. For more information, please visit www.lqgroup.org.uk.
