Goldman Sachs Asset Management (GSAM) and UK rental homes developer Tene Living have teamed up to acquire three build-to-rent assets in London from Quintain.
The buildings, Alto, Montana, and Dakota, are in Wembley Park and house a total of 261 apartments. GSAM and Tene Living plan to improve their facilities, improve management and make the apartments more eco-friendly and socially responsible.
Financial details were not disclosed.
Chris Semones, managing director at GSAM’s real estate business, said: “This investment fits well with our continued conviction in the UK residential sector, supported by favourable macro tailwinds and a business plan that will add value to both our tenants and future investors.”
Roger Orf, founding partner and chairman of Tene Living, said: “The UK’s professional rental market is still in its infancy, creating a huge opportunity for innovation. Leveraging our experience in other global markets we’re creating a quality and value-oriented product that avoids the pitfalls of existing privately owned and managed rentals, while enhancing customer experience and ESG credentials.”
Sagi Rubin, founding partner and CEO at Tene Living, said: “First-generation build-to-rent assets require considerable know-how and capital expenditure to bring them in line with current standards.
“This is the first of many deals where we plan to leverage our residential build-to-rent experience from across Europe and the US to deliver centrally located and competitively priced rentals with a seamless, professionally managed rental experience and segment focused amenities within a vibrant community.”
James Saunders, Quintain’s CEO, said: “This deal is part of our strategy to sell stabilised build-to-rent buildings and recycle capital, and underlines our commitment to delivering hundreds of new homes at Wembley Park, alongside retail, leisure and public realm.
“We were delighted that Montana, Dakota and Alto leased so quickly when they were launched to market and are proud of the stabilised assets they quickly became.”
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