Property group QuadReal has spent nearly $1bn to acquire a majority stake in seven London-based assets owned by Realstar UK.
The Canadian asset manager partnered with Realstar to invest in four rental properties in New Cross, Stockwell and a 45-story tower in the heart of Elephant & Castle.
Realstar CEO Ryan Prince said, “Far from being dead when the pandemic passes, cities will continue to be the lifeblood of global communities.
“Under this new relationship they will become partners alongside us in the UK on both the brand and operations, as well as the bricks and mortar. This joined-up approach will be a real advantage in achieving our goal to double (and hopefully triple) the size of the UNCLE portfolio over the next five years.”
With one building in Manchester, the assets form part of Realstar’s brand UNCLE, its residential rental faction representing nearly $2.5bn in assets.
QuadReal also plans to acquire an ownership stake in Realstar’s UK management business which owns the UK rights to the UNCLE brand.
Having already teamed up to invest in six other UNCLE developments across London, QuadReal and Realstar now boast 10 sites across the Square Mile under UNCLE’s rental portfolio.