QuadReal and Realstar jv in Brum BTR purchase

QuadReal Property Group and Realstar have acquired a build-to-rent scheme located within One Exchange Square in Birmingham. The scheme, known as Allegro, was previously owned by LaSalle. Late last year, EG revealed the scheme was under offer to Realstar for more than £100m.  The 345,662 sq ft scheme comprises 603 homes across three buildings, plus retail and leisure space and amenities including a gym, co-working areas, roof terrace and 150 car-parking spaces. Jay Kwan, managing director, Europe, at QuadReal said: “The purchase of Allegro reflects our living high-conviction investment strategy as we seek to acquire quality assets in prime locations like Birmingham with strong fundamentals. “The living sector remains a key priority for us globally and a target area for growth, and this transaction complements other BTR investments we have made across Europe over the past few years.” Realstar chairman Ryan Prince said: “Allegro will make an excellent addition to our UK portfolio.  We have plans to invest further in the asset to bring it up to our Uncle brand standards and incorporate it into our wider portfolio of over 5,000 Uncle-branded and individually operated rental apartments across London, Manchester and Leeds.”