Realstar to develop £200m London BTR schemes

Realstar will forward fund two BTR developments in London, delivering 300 homes with a value of £200m. The developments will be in Hackney Wick in East London and Southall in West London. One scheme at East Wick and Sweetwater within the Olympic Park in Hackney Wick comprises 161 homes. It was designed by Piercy & Company and half of the scheme will be three-bedroom apartments for families. A further 166 homes will be spread over two towers of 17 and 20 storeys in West London, close to Southall’s new Crossrail station. The Southall property will be managed by Realstar’s operator UNCLE. The scheme was acquired from Redrow. Ryan Prince, Realstar principal and UNCLE founder, said: “There is an astounding gap in London for high quality rental housing which treats renters as valued customers. “We believe Stratford, and in particular Hackney Wick, is one of the most exciting areas in London. We made our first investment in Hackley Wick back in 2012 and have followed it closely ever since. “The amenities and services we’ll deliver at UNCLE Southall will offer something completely modern and beautiful to both existing and new residents to the area.” UNCLE’s acquisition at Southall will be the operator’s seventh in the UK, alongside the 45-storey tower in Elephant & Castle and notable schemes in Stockwell, New Cross, Peckham and Wembley. Realstar is headquartered in Toronto and manages approximately 30,000 homes valued at over £5.5bn. It entered the UK market in 2002, and has since picked up £3bn in hotels, student accommodation and PRS assets. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette