KKR, investing on behalf of its European real estate core-plus strategy, has acquired two multi-family blocks in the UK from Quintain.

The global investment firm has invested an undisclosed amount to buy Alameda and Beton, comprising 490 build-to-rent units together with around 40,000sqft of retail and leisure space in Wembley Park.

Charles Tutt, the head of UK real estate at KKR, said: “This investment underscores our conviction that residential real estate will continue to benefit from structural growth drivers. Located within an established submarket with excellent connectivity to Central London, the assets are well positioned to benefit from the favourable dynamics of the London residential market.”

Ian Williamson, the head of core-plus real estate in Europe at KKR, said: “This acquisition expands on our European real estate strategy, which includes investing in high-quality residential assets. 

”The core-plus sector is proving to be a strong strategy given its ability to structurally grow in areas where there is an imbalance in supply and demand, particularly as investors seek attractive risk adjusted returns in a dynamic macro-environment.

”KKR is well positioned in a competitive market given our global track record, the strength of the KKR platform and our sophisticated investment approach.”

As part of the investment, KKR has appointed Quintain to manage both the residential and retail elements of both buildings.

James Saunders, Quintain CEO, said: “This deal underlines our commitment to recycling capital from non-core and stabilised assets to re-invest in new homes at Wembley Park, where we have two new buildings underway and on track to be delivered by 2025.

”We are also delighted that KKR has appointed Quintain Living to continue managing Alameda and Beton. This marks the first step in the roll-out of our Quintain Living management platform to third-party operators.”

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