Canada’s Starlight Acquires Build-to-Rent Project in Leeds
Canada’s Starlight Investments has acquired a 111-unit multi-family rental real estate project in Leeds, England for an undisclosed price.
The newly constructed build-to-rent property is located near the city centre.
Toronto-based Starlight announced the deal in a news release. The acquisition comes after Starlight launched its U.K. expansion program in September 2023 with a waterfront multi-residential development in Liverpool.
In May 2023, Starlight acquired build-to-rent communities comprising 922 units in Manchester, Liverpool and Ashford, a town in the London area, for £225M.
“This latest acquisition represents the continued momentum behind Starlight’s growing U.K. presence,” said Starlight in the news release.
As a result of the deal, Starlight has expanded its U.K. portfolio to 1,038 suites with an additional 1,200 units in the pipeline, said Daniel Drimmer, Starlight’s founder and CEO.
“We are pleased to establish Starlight’s presence in Leeds, a dynamic city that is among the fastest-growing in the U.K., to support the introduction of new rental housing to meet increasing demand,” said Drimmer.
Starlight is targeting build-to-rent projects in London commuter-belt markets and eight to 10 cities as part of its U.K. expansion program. The company’s initial goal is to acquire £600M of assets representing a portfolio of 2,000 to 2,500 build-to-rent units.
Starlight launched its European residential asset management platform in May 2023 through a new partnership with multiple global institutional investors.
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- ◦Financing