Goldman Sachs Asset Management and Tene Living have acquired three of Quintain’s Build to Rent assets in Wembley Park, London, for an undisclosed amount.
Totalling 261 units, the buildings acquired are the Alto, Montana and Dakota.
Located in the North Western lands of Wembley Park, the Montana and Dakota Build to Rent developments completed in 2016 and form part of a seven-block scheme called Emerald Gardens. Surrounded by an acre of landscaped private gardens and featuring a number of amenities, these two buildings total 141 units.
The award-winning Alto Build to Rent building completed in 2017. The scheme includes 120 homes and offers residents views across the capital and a prime view of the Stadium arch from the roof terrace.
Goldman Sachs and Tene Living plan to refurbish the schemes amenities.
'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,' said Chris Semones, a managing director in the Real Estate Business within Goldman Sachs Asset Management.
'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,' commented James Saunders, CEO, Quintain.
Tene Living is developing a portfolio of over 5,000 purpose-built rental homes across the UK, aiming to capitalise on the need for high-quality but affordable and well-located accommodation.
'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,' added Sagi Rubin, founding partner and CEO, Tene Living.
