Three UK High-rise Developments Acquired by Canadian Investment Firm in £500 Million Deal
2/12/24
Three major UK high-rise developments have been acquired by a Canadian investment firm in a multi-million-pound deal.
The three under construction developments, based in Manchester and Basildon, have been acquired by Starlight Investments for more than £500 million.
In Manchester, Starlight will be acquiring two high-rise towers from Renaker, a leading UK developer with a long-standing and successful track record.
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 second Manchester property is a 40-storey, 517-suite residential tower located in the city's Greengate neighbourhood.
The third property, based 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.
All three properties are set to contain numerous sustainability features including high-efficiency lighting, solar panels and electric vehicle charging stations.
These acquisitions mark a major milestone in Starlight's European residential asset management platform which, together with previously announced acquisitions, will increase Starlight's UK portfolio to over 3,300 suites.
Daniel Drimmer, Founder and CEO of Starlight Investments, said: "We are excited to announce the significant expansion of our UK portfolio with a vision to positively impact the communities where we will operate.
"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."
Daren Whitaker, Founder and Chairman of Renaker, added: "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."
source: Starlight | Starlight Investments Significantly Increases Its UK BTR…