Quadreal Property and real estate manager Realstar have teamed up to acquire a UK built-to-rent (BTR) development.
The two firms have acquired the 345,662sqft Allegro scheme located within One Exchange Square in Birmingham for an unspecified amount.
The project comprises 603 units across three buildings connected by a large central garden podium.
Jay Kwan, managing director and head of Europe, international real estate, Europe, at QuadReal Property, said: “The purchase of Allegro reflects our living high-conviction investment strategy as we seek to acquire quality assets in prime locations like Birmingham with strong fundamentals.
“The living sector remains a key priority for us globally and a target area for growth, and this transaction complements other BTR investments we have made across Europe over the past few years.”
Ryan Prince, vice chairman of Realstar, said: “Allegro will make an excellent addition to our UK portfolio. We have plans to invest further in the asset to bring it up to our UNCLE brand standards and incorporate it into our wider portfolio of over 5,000 UNCLE-branded and individually operated rental apartments across London, Manchester and Leeds.”
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