Our Real Estate team has advised Lincoln MGT on the sale of Ebb & Flow, a 598‑home build‑to‑rent scheme in Reading, to Pension Insurance Corporation (PIC) for more than £200 million. The transaction represents the largest standing build‑to‑rent investment in the UK in the past two years.

Ebb & Flow forms part of the wider £850 million Station Hill regeneration in Reading town centre and is one of the largest acquisitions of an operational build‑to‑rent asset outside central London. The scheme is fully operational and has been designed to offer a broad range of resident amenities, including fitness studios, roof terraces, resident lounges, private dining spaces and landscaped outdoor areas.

The development was delivered by Lincoln MGT, the joint venture between Lincoln Property Company and MGT Investment Management and represents a significant milestone in the delivery of the Station Hill masterplan.

PIC's acquisition of Ebb & Flow marks its largest investment in the living sector to date and further demonstrates strong institutional demand for high‑quality, income‑producing residential assets in well‑connected regional locations.

Gowling WLG advised Lincoln MGT on the real estate, tax and construction aspects of the transaction, drawing on the firm's expertise across build‑to‑rent, investment sales and large‑scale mixed‑use regeneration. PIC was advised by Pinsent Masons.

The Gowling WLG team was led by Matt Walker, supported by colleagues across Real Estate, Construction and Tax.

Matt Walker, Partner in Gowling WLG's Real Estate team, commented: "This transaction highlights the appetite from institutional investors for high‑quality, operational build‑to‑rent assets in strong regional centres. Ebb & Flow is a flagship scheme within the Station Hill regeneration, and we were delighted to support Lincoln MGT on a landmark sale that reflects the quality of the asset and our long term support for them on this regeneration project."

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