Realstar and QuadReal have acquired a build-to-rent scheme in Ilford from Kennedy Wilson for $130m (£100m).
The 294-home scheme at Pioneer Point is the duo’s fourth development in London.
It comprises two towers, with 35,000 sq ft of commercial space and 10,000 sq ft of residential amenity space.
The partners have now secured £400m of assets, with a goal to reach £1bn within one to two years.
Realstar managing partner Ryan Prince said: “We believe that properly managed, large-scale residential rental assets are a critical element to help solve London’s housing needs.”
Kennedy Wilson will recycle the net proceeds of $127m into new European acquisitions and developments.
Mike Pegler, head of UK at Kennedy Wilson, said: “The renovations, top-tier management and continued demand for rental housing in this local market resulted in a strong total return to Kennedy Wilson as we continue to focus on disposing non-core assets, recycle capital into other investment opportunities and to fund existing development projects.”
Realstar was advised by Macfarlanes, Deloitte, KPMG and Blick Rothenberg.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
