Japan’s NTT UD to make UK resi debut with Amro deal
Amro Partners has agreed to form a joint venture with Japan’s NTT Urban Development Europe to finance a £80m GDV co-living development in Kingston, Surrey.
The deal marks the first investment in the UK’s residential market by NTT Urban Development’s European arm.
The Rex (pictured) is a 210-home development located opposite Kingston train station.
Amro Partners has agreed to form a joint venture with Japan’s NTT Urban Development Europe to finance a £80m GDV co-living development in Kingston, Surrey.
The deal marks the first investment in the UK’s residential market by NTT Urban Development’s European arm.
The Rex (pictured) is a 210-home development located opposite Kingston train station.
The scheme includes 44,185 sq ft of residential space and 11,600 sq ft of shared amenity space including lounges, kitchens and dining areas, a wellness centre and co-working spaces.
Part of the existing substructure and superstructure will be retained to maximise embodied carbon reuse. Works will complete in January 2025.
Raj Kotecha, chairman and chief executive of Amro Partners, said the deal is the first of what NTT UDE and Amro “intend to be a number of joint ventures in the UK residential market”.
Tom Donnachie, managing director UK investment of Amro Partners, said: “NTT UDE is strongly aligned with our ESG-driven values and shares our vision to create a best-in-class sustainable residential building within the UK residential space.
“This capital partnership is a great show of strength for the asset class, and we look forward to working collaboratively to bring this project forward over the next two years.”
Yasutake Horinouchi, member of the board and head of global business of NTT Urban Development, said: “Through our partnership with Amro, we plan to accelerate the expansion of our business in the UK.”
Outside of residential, NTT UDE has been active in UK real estate since 2009, mostly focusing on offices and retail.
The development arm previously acquired and refurbished a 100,169 sq ft office and retail property at 1 King William Street, EC4, and a circa 86,324 sq ft asset at 20 Finsbury Circus, EC2.
Most recently, it bought a circa 58,000 sq ft office and retail property at 130 Wood Street, EC2, in 2020.
Knight Frank acted for Amro on the deal.
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Image © Amro Partners
