Global real estate investment and asset manager Starlight Investments has bolstered its UK build-to-rent (BTR) portfolio with a £500 mln (€602 mln) purchase of three new developments in Manchester and Basildon.
This acquisition adds 1,541 homes, bringing Starlight's total UK BTR holdings to over 3,300 units.
Starlight Investments is purchasing two high-rise Manchester towers from Renaker, a reputable UK developer. This acquisition capitalizes on Manchester's strong and projected economic and population growth over the next ten years, making it one of the UK's fastest-growing major cities.
Starlight's Manchester acquisition includes a 60-story, 532-unit tower rising in Castlefield, near the River Irwell. Conveniently located near transit and the bustling business and entertainment districts of Exchange Square and Spinningfields, this soon-to-be-completed building will offer a mix of one-, two-, and three-bedroom apartments and feature amenities such as an indoor pool, co-working spaces, a gym, resident lounges, and an outdoor terrace.
Starlight is also acquiring a 40-story, 517-unit residential tower in Manchester's Greengate neighbourhood, within walking distance of the Northern Quarter and the city centre. This building will offer a range of high-quality one-, two-, and three-bedroom apartments and stand out with premium amenities such as a rooftop terrace, co-working spaces, a gym, and resident lounges.
Starlight's acquisition also includes a three-building, 492-unit mid-rise development in Basildon, conveniently located near the train station and benefiting from a £600 mln (€722 mln) city regeneration plan. This commuter town offers a 35-minute train ride to central London and the new development will feature one- and two-bedroom apartments with amenities including five outdoor terraces, a gym, and co-working spaces.
Daniel Drimmer, founder and CEO, Starlight Investments, said: ‘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.’
Daren Whitaker, founder and chairman, Renaker, added: ‘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.’
All three acquisitions incorporate sustainable features like energy-efficient lighting, solar panels, and EV charging stations. This purchase represents a significant expansion of Starlight's European residential portfolio, bringing its total UK holdings to over 3,300 units.
