Starlight Investments has acquired three build-to-rent (BTR) properties under development in the United Kingdom for about £500 million (C$900 million.)

Starlight purchased two high-rise developments in Manchester, England from Renaker, a prominent U.K.-based developer, and acquired the Basildon property from Orwell Real Estate.

The acquisitions include a total of 1,541 new homes and feature modern amenities alongside sustainability-focused features.

The first Manchester acquisition is a 60-storey residential tower with 532 suites currently under construction in the Castlefield conservation area, overlooking the River Irwell. Located near major transit connections, the property offers convenient access to Manchester’s business and entertainment hubs, such as Exchange Square and Spinningfields.

Upon completion, it will feature a mix of one-, two- and three-bedroom apartments, as well as amenities such as an indoor pool, co-working spaces, a gym, resident lounges, and an outdoor terrace. The second Manchester development is a 40-storey multi-residential tower with 517 suites located in the Greengate neighbourhood, a short walk from the Northern Quarter and the Manchester central business district.

This property will provide high-quality apartments, alongside amenities like a rooftop terrace, co-working areas, a gym, and resident lounges.

The Basildon acquisition includes a 492-suite, three-block mid-rise property situated near the town’s main train station. Basildon, a popular commuter city located 35 minutes by train from central London, is undergoing a £600-million regeneration. The new development will include one- and two-bedroom apartments and amenities such as five outdoor terraces, a gym, and co-working areas.

All three projects incorporate sustainability features, including high-efficiency lighting, solar panels and EV charging stations.

“These acquisitions reflect our strategy to create dynamic communities and high-quality rental housing in growing markets across the United Kingdom,” said Daniel Drimmer, Starlight’s founder and CEO.

The acquisitions come after Starlight announced two other large BTR acquisitions earlier this year. In June, Starlight agreed to purchase a U.K. portfolio of seven BTR apartment buildings from Bellway London for an undisclosed price. The deal included 3,500 square feet of commercial space.

In May 2024, Starlight bought a 111-unit multi-family rental real estate project in Leeds, England for an undisclosed price.

Those moves came after Starlight launched its U.K. expansion with a waterfront multi-residential development in Liverpool, England in September 2023.

In May 2023, Starlight acquired BTR communities comprising 922 units in Manchester, Liverpool and Ashford for £225 million. Starlight has targeted BTR projects in London commuter-belt markets and eight to 10 cities.

The company set an initial goal to acquire £600 million of assets representing a portfolio of 2,000 to 2,500 BTR units.

“Our increasing presence in the U.K. and our relationships with well-respected and established developers position us strongly to deliver on our expansion strategy in the country’s growing BTR segment,” said Drimmer.

Daren Whitaker, Renaker’s founder and chairman said the firm look forward to building on its relationship with Starlight.

“We are pleased to have completed these two transactions with a quality and professional global partner, who shares the same vision and values to deliver market-leading build-to-rent communities,” he said.

Starlight manages approximately 71,000 multi-residential suites and 7 million sf of commercial space, with C$30 billion in assets under management.

Pictured: A 492-suite, three-block mid-rise property under development in Basildon, U.K.

Rendering: Courtesy of Starlight Investments