HUB and Bridges Fund Management have agreed a £100m forward funding deal with Realstar and QuadReal for their latest build-to-rent scheme in Wembley.
The pair will acquire the 256-flat Wembley Link scheme next to the stadium in North London.
It is Realstar’s second BTR buy from the joint venture, after agreeing to fund the first phase of 239 homes at the neighbouring Chesterfield House site in 2017.
This latest transaction has seen the Canadian firm team up with its long-standing investment partner QuadReal which is rapidly expanding investment in European BTR. Realstar also recently agreed a £570m sale of 1,335 homes across eight schemes to QuadReal, which it will continue to manage on behalf of the investor. The partners have together acquired assets in excess of £1bn.
Wembley Link comprises two towers of 17 and 19 storeys on Wembley High Road, with a mix of one, two and three-bedroom flats designed by Glenn Howells Architects. It incorporates a new public garden, which can be accessed from the first phase Uncle Wembley. The scheme will connect Wembley Central with Wembley Stadium, with Henry Construction set to start on site imminently.
HUB and Bridges bought the unused Network Rail land for phase two in 2018 and secured planning consent the following year. Phases three and four are expected to bring the wider development to around 1,000 homes, with some of these to be delivered by Brent Council.
Ryan Prince, vice chairman at Realstar and founder of Uncle, said: “The creation of two additional towers alongside proven development partners will enable us to gain additional scale and add a number of amenities which will really contribute to the neighbourhood feeling for all of our residents.”
Jay Kwan, managing director at QuadReal, added: “Both teams continue to have conviction in the enduring strength of the UK rental housing market and share the common goal of delivering best-in-class rental accommodation and service.”
Damien Sharkey, managing director at HUB, said: “This venture is a further endorsement of HUB as a developer of choice for institutional investment in the mid-market residential sector.”
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