Quadreal Property Group (QuadReal) and Realstar have acquired Allegro, the Build to Rent (BTR) scheme located within One Exchange Square in Birmingham.
The property has been acquired as a joint venture. The c. 3.2-ha scheme comprises 603 units across three buildings connected by a large central garden podium. Additionally, the development features ground-floor retail and leisure space and a wide array of amenities including a gym, co-working areas, a roof terrace and 150 car parking spaces.
One Exchange Square is in a prime central location in Birmingham, close to transport hubs, employment zones, university campuses and a wide range of retail, amenity and F&B offerings.
The scheme will benefit from the supply-demand imbalance for quality rental properties in Birmingham, with the city expected to see a population growth of c. 3.9% between 2018 and 2028. The city also has a large student population of c.100,000, which is further driving demand for mid-market rental properties in the area.
Jay Kwan, Managing Director, Head of Europe, International Real Estate, 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.”
Ryan Prince at Realstar 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.”
Image source - QuadReal.
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