QuadReal Property Group has acquired full ownership of Uncle rental-housing assets in the U.K. and Europe along from partner Realstar.

Vancouver-based Quadreal has also acquired Realstar’s U.K. and Ireland residential operating platform. The platform manages nearly 6,000 units across London, Manchester, Birmingham, Leeds and Dublin, with much of the portfolio operating under the Uncle banner.

“This furthers QuadReal’s global residential strategy and positions us well for future growth in both the built-to-rent and student-housing markets,” said Jonathan Dubois-Phillips, president of QuadReal’s president of international real estate.

QuadReal’s BTR and student-housing portfolios in the U.K. and Europe comprise portfolio of more than 8,500 residential units and 4,500 student beds in the region.

The deal consolidates operations under QuadReal while keeping the existing management team in place. Ryan Prince, Realstar’s vice-chairman and founder of Uncle, will continue as CEO for the next year before transitioning to non-executive chairman.

“QuadReal’s investment, particularly over the past five years has turbocharged our growth, and the business is now in its strongest position yet,” said Prince. “I look forward working alongside QuadReal on the U.K. BTR and student fronts while at the same time seeking out new opportunities for Realstar to grow in the U.K. and Europe.”

The acquisition does not affect Realstar’s other U.K. holdings or its Canadian and international operations.

QuadReal is the B.C. Investment Management Corporation’s real estate investment, development and operations arm, managing $94 billion in assets on behalf of pension funds.

Founded in 1974, Toronto-based Realstar is a private real estate investment and management company about $9 billion in assets. The company’s holdings span the multi-family, hospitality, and alternative asset classes.

Photo: Realstar