
QuadReal, Realstar Purchase Birmingham Build-to-Rent Development
QuadReal and Realstar have announced the acquisition of Allegro, a build-to-rent (BTR) development in Birmingham, England.
The property, located within One Exchange Square, spans 345,662 square feet and includes 603 rental-housing units across three buildings. The development also features a central garden podium, ground-floor retail and leisure spaces, as well as amenities such as a gym, co-working areas, a rooftop terrace, and 150 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 [food and beverage] offerings,” the companies said in a statement.
Birmingham’s rental market is experiencing high demand, driven by a population expected to grow by approximately 3.9% between 2018 and 2028. The city also has a student population of around 100,000, further fuelling demand for mid-market rental housing.
Jay Kwan, a QuadReal managing director and head of the firm’s real estate business in Europe and international markets, said the acquisition aligns with the company’s broader strategy.
“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,” he said. “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.”
Realstar intends to upgrade the property and give it a label that the company uses with other U.K. rental-housing properties.
“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,” said Real Star Vice-Chairman Ryan Prince.
Vancouver-based QuadReal and Toronto-based QuadReal have partnered on a number of other UNCLE developments in the U.K.
QuadReal is a commercial real estate investment, operating, and development company. Toronto-based Realstar specializes in real estate investment and management.
Photo: Courtesy of QuadReal
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