Realstar in £100m PRS forward-funding deal
Realstar is forward funding a £100m residential tower in Wembley, north London, being developed in a joint venture between HUB and Bridges Fund Management.
The Canadian residential firm will take over ownership and management of 239 private rented homes at Chesterfield House, due for completion in February 2020.
Realstar, one of Canada’s largest privately owned property firms, is paying around £100m for the scheme, which incorporates towers of 21 and 26 storeys. Realstar will operate it under its recently launched UNCLE brand.
Realstar is forward funding a £100m residential tower in Wembley, north London, being developed in a joint venture between HUB and Bridges Fund Management.
The Canadian residential firm will take over ownership and management of 239 private rented homes at Chesterfield House, due for completion in February 2020.
Realstar, one of Canada’s largest privately owned property firms, is paying around £100m for the scheme, which incorporates towers of 21 and 26 storeys. Realstar will operate it under its recently launched UNCLE brand.
This will be Realstar’s eighth PRS-led investment in the UK. The firm’s other investments include London’s tallest PRS property: a 45-story tower in Elephant & Castle that completes in January 2018.
This latest transaction will bring its portfolio to nearly 1,500 apartments.
The deal adds a new international investor to middle-market developer HUB’s roster of funding partners, which includes M&G Real Estate and Fizzy Living.
Designed by Maccreanor Lavington, the two-tower scheme will provide one-, two- and three-bed apartments as well as lower-level plinth that imparts a C-shape to the scheme, in which a public space will be created.
Ryan Prince, principal of Realstar Group, said: “Chesterfield House will be a great addition to our growing collection of UNCLE-branded properties. HUB has evidenced its ability to understand the rental space and this project incorporates all the elements we’re looking for in this new product category for the UK marketplace.”
Savills acted for HUB and Bridges Fund Management. Realstar acted independently.
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