Realstar backs Lendlease’s Deptford BTR

Realstar and QuadReal have agreed to forward fund Lendlease’s £120m build-to-rent scheme at Deptford Landings, south east London. The Canadian investors have secured the 251-flat scheme at Uncle Deptford, which is expected to complete in 2024. The site overlooks Deptford Park and is located between Surrey Quays London Overground station and Deptford railway station in Zone 2, 500m to the south of the River Thames. Lendlease has already delivered 203 of some 1,000 homes at the site. The wider scheme will also include around 400 student beds and 120,000 sq ft of commercial space. The deal brings Realstar and QuadReal’s UK portfolio to more than 3,500 flats across 16 schemes, valued at £1.5bn. Some 2,000 flats are operational and a further 1,555 are expected to complete over the next three years. Last year, the partners set out a strategy to double the portfolio in five years. Ryan Prince, vice chairman of Realstar and founder of Uncle, said: “In terms of the location, I’ve always felt like the brand’s roots are in south east London. Uncle Deptford will fit perfectly alongside a number of our other south London locations like Stockwell, New Cross and of course Elephant and Castle, our Richard Rogers-designed flagship tower.” To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Realstar