Greystar Real Estate Partners has acquired a build to rent site in Stratford, east London, for £20 mln (€23 mln) with an existing capital partner, Lifestory, as it builds out its UK platform.
The Stratford Mill site, which comes with planning permission already granted, is part of a larger project that its partner Lifestory has developed in the heart of the Pudding Mill masterplan in a zone which is enjoying rejuvenation tied to vast regeneration for the 2012 London Olympics.
Harry Downes, MD of UK Investment, said: ‘This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London.’
He said there was a highly competitive process that Greystar had won.
Alex Soskin, director in the London Development Land Team at Savills, said: ‘Despite the headwinds the residential development land market is currently facing, this transaction is evidence that well designed planning consents in established locations near to transport nodes remain in demand from active developers such as Greystar.’
Greystar entered the UK market in 2013. The firm has invested £11bn in the UK so far and has another £2bn to invest with a current operational portfolio and pipeline of 11,000 build to rent homes.
