Goldman Sachs Asset Management and Tene Living have acquired three build-to-rent (BTR) assets at Wembley Park, London, from Quintain.
The Alto, Montana and Dakota assets, which offer 261 units, form part of the wider Wembley Park mixed-use regeneration scheme.
Chris Semones, a managing director in the real estate business within Goldman Sachs Asset Management, said: “We are excited to partner with Tene Living on the acquisition of Alto, Montana and Dakota, three high-quality residential rental assets in Wembley Park, London. This investment fits well with our continued conviction in the UK residential sector, supported by favourable macro tailwinds and a business plan that will add value to both our tenants and future investors.”
Roger Orf, founding partner and chairman of Tene Living, added: “We are delighted to be working with Goldman Sachs and look forward to being part of the thriving community Quintain has created in Wembley Park. The UK’s professional rental market is still in its infancy, creating a huge opportunity for innovation. Leveraging our experience in other global markets we’re creating a quality and value-oriented product that avoids the pitfalls of existing privately owned and managed rentals, while enhancing customer experience and ESG credentials.”
Sagi Rubin, founding partner and CEO of Tene Living, said: “First-generation build-to-rent assets require considerable know-how and capital expenditure to bring them in line with current standards. This is the first of many deals where we plan to leverage our residential build-to-rent experience from across Europe and the US to deliver centrally located and competitively priced rentals with a seamless, professionally managed rental experience and segment focused amenities within a vibrant community.”
James Saunders, CEO of Quintain, added: “This deal is part of our strategy to sell stabilised build-to-rent buildings and recycle capital and underlines our commitment to delivering hundreds of new homes at Wembley Park, alongside retail, leisure and public realm. We were delighted that Montana, Dakota and Alto leased so quickly when they were launched to market and are proud of the stabilised assets they quickly became.”
