QuadReal Property Group (“QuadReal”) a global real estate investment, operating and development company, and Realstar, a Canadian real estate investment and management company today announce that they have acquired Allegro, the Build to Rent (BTR) scheme located within One Exchange Square in Birmingham.
The property has been acquired as a joint venture. The 345,662 sq. ft scheme comprises 603 units across three buildings connected by a large central garden podium. Additionally, the development features ground-floor retail and leisure space and a wide array of amenities including a gym, co-working areas, roof terrace and 150 car parking spaces.
One Exchange Square is in a prime central location in Birmingham, close to transport hubs, employment zones, university campuses and a wide range of retail, amenity and F&B offerings.
The scheme will benefit from the supply-demand imbalance for quality rental properties in Birmingham, with the city expected to see population growth of c. 3.9% between 2018 and 2028. The city also has a large student population of c.100,000, which is further driving demand for mid-market rental properties in the area.
Jay Kwan, Managing Director, Head of Europe, International Real Estate, Europe, at QuadReal said: “The purchase of Allegro reflects our living high-conviction investment strategy as we seek to acquire quality assets in prime locations like Birmingham with strong fundamentals. The living sector remains a key priority for us globally and a target area for growth, and this transaction complements other BTR investments we have made across Europe over the past few years.”
Ryan Prince at Realstar said: “Allegro will make an excellent addition to our UK portfolio. We have plans to invest further in the asset to bring it up to our UNCLE brand standards and incorporate it into our wider portfolio of over 5,000 UNCLE-branded and individually operated rental apartments across London, Manchester and Leeds.”
Contacts
FTI Consulting (quadreal)
Giles Barrie
0779 892 6814
[email protected]
About Realstar
Realstar Group has significant expertise in the acquisition and management of residential and alternative real estate assets gained over more than 49 years of successful operations. Realstar currently owns and manages more than C$9 billion of assets in the UK and Canada. It remains in the exclusive ownership and oversight of the two founders and their families.
Realstar established its London office over 20 years ago. Initially, it aggregated a portfolio of healthcare centres and then moved into the hospitality arena with its acquisition of a £1bn portfolio of 73 Holiday Inn and Crowne Plaza hotels in partnership with GIC in 2005. Realstar currently own and operate more than 5,000 apartments in the UK and Ireland, operating under the brand name UNCLE.
