Quintain offloads £250m Wembley BTR assets to KKR
Lone Star’s Quintain has sold two build-to-rent assets totalling 490 homes at its 85-acre Wembley Park estate to private equity giant KKR.
The US investor paid around £250m for the two buildings, known as Alameda and Beton, EG understands.
The sites were previously owned by private equity firm Lone Star, which acquired Quintain for £1bn in 2015.
Lone Star’s Quintain has sold two build-to-rent assets totalling 490 homes at its 85-acre Wembley Park estate to private equity giant KKR.
The US investor paid around £250m for the two buildings, known as Alameda and Beton, EG understands.
The sites were previously owned by private equity firm Lone Star, which acquired Quintain for £1bn in 2015.
KKR acquired the buildings on behalf of its European core-plus real estate strategy. The assets will continue to be operated by Quintain.
Andrew Brentnall, head of UK residential investment and development, operational capital markets at Savills, who advised Quintain on the deal, said: “It is great to see such sophisticated investors continuing to take advantage of the market opportunity in UK multi-family. The ongoing demand versus constrained supply offers a highly resilient and scalable opportunity.”
The deal comes the same week as Goldman Sachs Asset Management and Tene Living’s acquisition of a trio of BTR assets totalling 261 homes, also within Lone Star’s Wembley Park development.
This latest deal means Lone Star has offloaded some £360m of properties at its Wembley Park project this month.
Quintain chief executive James Saunders said: “This deal underlines our commitment to recycling capital from non-core and stabilised assets to reinvest in new homes at Wembley Park, where we have two new buildings under way and on track to be delivered by 2025.
“This marks the first step in the roll-out of our Quintain Living management platform to third-party operators.”
The strategy follows several unsuccessful attempts by Lone Star to dispose of the £3bn Quintain portfolio, the site was marketed for sale most recently in 2022. Bidders in those processes have reportedly included Patrizia, Long Harbour and Get Living.
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Image from Quintain
