Redrow and Realstar agree £120m BTR sale
Redrow Homes has agreed its largest BTR deal to date, with the £119.5m sale of 347 homes at Colindale Gardens to Realstar.
Realstar’s BTR platform UNCLE will acquire the homes, which will be built by Redrow at its £1.2bn flagship development.
Colindale Gardens comprises 2,900 homes in Colindale, north London. Redrow sold 186 BTR homes to M&G Real Estate for £82.7m in 2018, and 211 homes to L&Q in 2016.
Redrow Homes has agreed its largest BTR deal to date, with the £119.5m sale of 347 homes at Colindale Gardens to Realstar.
Realstar’s BTR platform UNCLE will acquire the homes, which will be built by Redrow at its £1.2bn flagship development.
Colindale Gardens comprises 2,900 homes in Colindale, north London. Redrow sold 186 BTR homes to M&G Real Estate for £82.7m in 2018, and 211 homes to L&Q in 2016.
Redrow’s latest deal with Realstar follows on from the £64m sale of 166 homes in Southall in January.
Mark Parker, managing director at Redrow London, said: “Both Colindale and Southall are quickly defining themselves as new property hotspots as they undergo significant inward investment. We are expecting strong interest for these new rental homes as our sales teams in these locations are seeing a growing number of enquiries from young professionals here.”
Ryan Prince, chief executive and founder of UNCLE, said: “Our aim is to become consumers’ first choice for a place to live if they’re a renter. In order to do this, the company aims to have multiple locations and varying price points in every city in which it operates. Our £120m commitment at Colindale is a meaningful step in achieving this goal.”
The deal brings Realstar’s committed investment in the UK through UNCLE to £1bn. It has five other sites in London and one in Manchester and aims to expand the brand to the US and major cities in Europe.
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