Starlight Investments, a Toronto-based global real estate investment and asset management firm, said it acquired three build-to-rent (BTR) communities under development in Manchester and Basildon for over £500 million.
In Manchester, Starlight is buying two high-rise towers from developer Renaker.
“Manchester has experienced among the highest population and economic growth of all major cities in the UK over the past 10 years, a trend which is expected to continue over the next decade,” said Starlight Investments.
The first Manchester property being acquired is a 60-storey, 532-suite residential tower currently under construction in the Castlefield conservation area on the bank of the River Irwell.
“The location is walking distance to several transit connections and easily accessible to the vibrant business, retail and entertainment precincts of Exchange Square and Spinningfields,” said Starlight.
“Upon completion, the property will include a diverse mix of one-, two- and three-bedroom apartments. Extensive high-quality amenities will include an indoor pool, co-working areas, a gym, resident lounges and an outdoor terrace.”
The second Manchester property being acquired is a 40-storey, 517-suite residential tower located in the city’s Greengate neighborhood.
The 40-storey residential tower under development in Manchester’s Greengate neighborhood.
“The location is a short walk from the Northern Quarter and the Manchester Central Business District (CBD),” said Starlight.
“The property will feature high-quality one-, two- and three-bedroom apartments and will differentiate itself through an exceptional amenity offering including a rooftop terrace, co-working areas, a gym, and resident lounges.”
The third property being acquired in Basildon is a 492-suite three-block, mid-rise property close to the main train station and part of an area within the city’s £600 million regeneration masterplan.
“We are excited to announce the significant expansion of our UK portfolio with a vision to positively impact the communities where we will operate,” said Daniel Drimmer, Founder and Chief Executive Officer, Starlight Investments.
“These acquisitions reflect our strategy to create dynamic communities and high-quality rental housing in growing markets across the United Kingdom. Our increasing presence in the UK and our relationships with well-respected and established developers positions us strongly to deliver on our expansion strategy in the country’s growing BTR segment.”
Renaker chairman Daren Whitaker said: “We are pleased to have completed these two transactions with a quality and professional global partner, who shares the same vision and values to deliver market-leading build-to-rent communities.
“We look forward to building on this relationship in the future.”