Toronto-based Starlight Investments has launched a European residential asset management platform in partnership with multiple global institutional partners.
The platform will focus on the UK’s BTR market, mainly London’s commuter belt and 8-10 major cities across the UK.
Starlight is initially aiming to buy £600 mln (€686 mln) of assets with a portfolio of 2,000 – 2,500 BTR units.
The real estate investor and asset manager will leverage its North American expertise, including $2 bn (€1.8 bn) of direct acquisitions from developers.
As part of its first deal, Starlight has acquired three BTR communities with 922 suites in Manchester, Liverpool and Ashford for £225 mln (€257 mln).
Daniel Drimmer, founder and CEO, Starlight Investments, said: ‘We are pleased to have global institutional capital partners support Starlight in our European expansion. The United Kingdom represents a nascent rental market with a fundamental housing imbalance between supply and demand. Entering the United Kingdom Build to Rent market is a natural extension of Starlight's North American residential expertise that will further allow us to invest with impact and strengthen Starlight's brand as a global residential investor and asset manager.’
Jonnie Milich, director, Starlight Investments UK, added: ‘We are proud to be working with some of the best Developers across the United Kingdom to deliver high quality communities for residents. Relationships with reputable, local BTR experts coupled with Starlight's extensive track record of residential investment and asset management has positioned us extremely well to execute in this market. We look forward to expanding Starlight's European presence through the execution of our BTR strategy in the UK.’
Starlight's entry into the UK BTR market represents the first step of a wider European residential strategy.
