Realstar and QuadReal Acquire Multifamily Asset from Kennedy Wilson for C.£110m
Real estate investor and manager Realstar and global real estate company QuadReal Property Group have added to their growing London portfolio under their programmatic PRS joint venture by acquiring a 294-apartment residential rental complex in east London from Kennedy Wilson for approximately £110 million.
A landmark development within Ilford town centre, Pioneer Point includes 294 residential units within two towers – 35,000 square feet of fully leased commercial space and 10,000 square feet of extensive resident amenities. The development offers residents a dedicated on-site concierge and property management suite as well as resident lounges, meeting spaces and work pods, a quiet lounge, entertainment spaces with open plan kitchen and dining rooms, a kids’ zone, games room and cinema. A stone’s throw from Ilford Station, the location’s excellent connectivity will only be enhanced once Crossrail comes online next year.
Mike Pegler, MD Kennedy Wilson commented, “Since opportunistically acquiring Pioneer Point, we executed a wide ranging, value enhancing asset management program that put a spotlight on the breadth of our asset management expertise and brought new life to this landmark building. We are delighted that Realstar, a long-term multifamily operator, will continue delivering a positive experience for the residents of Pioneer Point.”
Ryan Prince, Managing Partner of Realstar commented, “Whether for a night, a year or a decade, Realstar strives to be the most trusted owner and operator of the places our customers call home. We believe that properly managed, large-scale residential rental assets are a critical element to help solve London’s housing needs and Pioneer Point represents a great opportunity to help more residents experience our 45-year track record of award-winning customer service alongside great amenities and convenient location.”
Furthermore, we’re incredibly excited to continue our 25+ year investment relationship with QuadReal. Pioneer Point is a unique investment as the core strategy for the partnership is to acquire and develop new-build rental properties as we’ve done to date in Wembley, Southall and Colindale. The joint venture is already well underway, with over £400m of assets already secured and we look forward to finding additional opportunities with a view to reaching over £1B of assets over the upcoming year or two.”
Jay Kwan, Managing Director of QuadReal, commented, “The Realstar and QuadReal teams share the benefits of experience and a long-standing relationship with roots in Canada from 1993 and in the UK since 2008. The teams share a commitment to offering the best accommodation to their customers and a conviction about the enduring strength of the UK rental housing market, and QuadReal is excited to continue working with a high quality partner in Realstar.”
Realstar were advised by Macfarlanes, Deloitte, KPMG and Blick Rothenberg.
0207 351 2888
Whether for a night, a year or a decade, the Realstar Group of companies strives to be the most trusted owner and operator of the places our customers call home.
Established in Canada in 1974, Realstar Group is a privately owned real-estate investment and management company with over C$7billion of assets focused on multifamily, hospitality and alternative asset classes. A vertically integrated owner & operator, with longstanding strategic partnerships with large institutions such as pension funds, sovereign wealth funds and HNW families, Realstar has over 1,000 employees across the organisation.
Realstar has been a player in the UK property market for over 17 years and has acquired or developed in excess of £2.5bn assets. The firm’s strategy has been to target overlooked and misunderstood alternative asset classes including the multifamily, primary healthcare and hotel sectors. Currently, Realstar’s UK arm owns and manages over £1 billion as well as its market-leading rental brand, UNCLE.
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. QuadReal manages the real estate and mortgage programs of British Columbia Investment Management Corporation (BCI), one of Canada’s largest asset managers with a CAD $153.4 billion portfolio.
QuadReal manages a CAD $37.6 billion portfolio spanning 23 Global Cities across 17 countries. The company seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
Visit www.quadreal.com for more information.