Canadian real estate investor Starlight Investments has acquired three build-to-rent (BTR) developments under construction in Manchester and Basildon, Essex, for more than £500 million.
In Manchester, Starlight will be acquiring two high-rise towers from UK developer Renaker.
The first is a 60-storey, 532-suite residential tower currently under construction in the Castlefield conservation area.
The property will include a mix of one-, two- and three-bedroom apartments as well as an indoor pool, co-working areas, a gym, resident lounges, and an outdoor terrace.
The second Manchester property is a 40-storey, 517-suite residential tower in the Greengate area.
It will feature one-, two- and three-bedroom apartments and a rooftop terrace, co-working areas, a gym, and resident lounges.
Manchester has experienced among the highest population and economic growth of all major UK cities over the past 10 years, a trend which Starlight expects to continue over the next decade.
The third property in Basildon is a 492-suite three-block, mid-rise property within a £600 million regeneration masterplan area.
It will feature one- and two-bedroom apartments and five outdoor terraces, a gym, and co-working areas.
These, together with previously announced acquisitions, will increase Starlight’s UK portfolio to more than 3,300 units.
“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,” said Daren Whitaker, founder of Renaker.
Daniel Drimmer, Starlight CEO, added: “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.”
Was this interesting? Try: Unnamed global investor to take stake in JRL Group
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.