Amro Partners and NTT UD Europe (NTT UDE) – a subsidiary of a Japanese real estate developer NTT Urban Development – have formed a joint venture partnership to fund the development of the £80m GDV The Rex co-living project in London.
The development, which is located opposite Kingston train station, is NTT UDE’s first foray into the UK residential market and the first JV between the two parties.
The JV partners said the 210-unit scheme, which will retain part of the existing substructure and superstructure at the site, will be the first co-living building in the UK to achieve BREEAM Outstanding. The Rex is also targeting Fitwel 3*, WiredScore Platinum and ActiveScore Platinum. It is due to complete in January 2025.
Raj Kotecha, chairman and CEO of Amro Partners said: “NTT UDE are a fantastic long-term partner for Amro and we are delighted to have closed the first of what both parties intend to be a number of joint ventures in the UK residential market.”
Tom Donnachie, managing director (UK investment) of Amro Partners, added: “NTT UDE are strongly aligned with our ESG-driven values and share our vision to create a best-in-class sustainable residential building within the UK residential space. This capital partnership is a great show of strength for the asset class, and we look forward to working collaboratively with them to bring this project forward over the next two years.”
Yasutake Horinouchi, member of the board and head of global business at NTT Urban Development, said: “NTT UD is promoting environmental impact reduction with advanced approaches, and we are pleased to collaborate with Amro Partners, whose stance and business approach are highly compatible with ours. Through our partnership with Amro, we plan to accelerate the expansion of our business in the UK.”
Tadashi Ito, managing director of NTT UD Europe, added: “We are delighted to embark on our first residential project in the UK with Amro Partners. Building upon our collective expertise, we will deliver a ‘best in class’ co-living project in London and expand further into the UK residential market.”
Knight Frank advised on the transaction.
