Starlight Investments has acquired three build-to-rent (BTR) communities under development in Manchester and Basildon, for more than £500m (€600m).
In Manchester, Starlight is purchasing two high-rise towers from UK developer Renaker. The first Manchester property is a 60-storey, 532-suite residential tower currently under construction in the Castlefield conservation area on the bank of the River Irwell.
The second Manchester property is a 40-storey, 517-suite residential tower located in the city’s Greengate neighbourhood. The location is a short walk from the Northern Quarter and the Manchester Central Business District (CBD).
The third property being acquired in Basildon is a 492-suite three-block, mid-rise property close to the main train station and part of an area within the city’s £600m regeneration masterplan.
All the properties being acquired will contain numerous sustainability features including high-efficiency lighting, solar panels and electric vehicle charging stations.
These acquisitions mark a major milestone in Starlight’s European residential asset management platform which, together with previously announced acquisitions, will increase Starlight’s UK portfolio to over 3,300 units.
Daniel Drimmer, founder and chief executive officer, Starlight Investments, said: “We are excited to announce the significant expansion of our UK portfolio with a vision to positively impact the communities where we will operate.
“These acquisitions reflect our strategy to create dynamic communities and high-quality rental housing in growing markets across the United Kingdom. Our increasing presence in the UK and our relationships with well-respected and established developers positions us strongly to deliver on our expansion strategy in the country’s growing BTR segment.”
“We are pleased to have completed these two transactions with a quality and professional global partner, who shares the same vision and values to deliver market-leading build-to-rent communities. We look forward to building on this relationship in the future,” added Daren Whitaker, founder and chairman, Renaker.
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