Principal Asset Management has acquired three multi-family residential buildings in Queen’s Park, North West London, from Vistry, on behalf of a separate account client for an undisclosed price.
The acquisition, which has been structured as a combination of a standing acquisition and forward commitments, comprises 143 residential units across three newly built blocks forming part of the North West Quarter development.
One of the three buildings has recently reached practical completion and has been acquired as a turnkey investment. The remaining two buildings are being forward purchased and are currently under construction, with completion expected in the fourth quarter of 2026.
The three buildings comprise a mix of one-, two- and three-bedroom apartments and provide shared amenities, including roof gardens, courtyards and internal amenity areas.
The acquisition expands the existing relationship between Principal and Pinnacle Investments (part of Hyde Group), with Pinnacle appointed as residential operator across the portfolio.
Chris Game, fund manager at Principal Asset Management, said: “This acquisition reflects our continued conviction in the UK residential market and our focus on well-located, high quality assets that can deliver durable income. Queen’s Park benefits from strong fundamentals, excellent connectivity and limited new supply, making it well positioned to support long-term rental demand.
“The assets are located within walking distance of Lonsdale Road, a vibrant street known for its eclectic mix of leisure, dining and retail, further supporting demand. The combination of completed and forward-funded assets also allows us to deploy capital efficiently while building scale in a targeted London submarket.”
Nick Churcher, managing director for Vistry West London, added: “This latest transaction with Principal Asset Management builds on our successful partnership at Clapham Park and reflects continued investor demand for high-quality residential assets delivered through Vistry’s partnerships model. North West Quarter forms an important part of the South Kilburn regeneration, where we are delivering 328 homes alongside new community infrastructure and amenities.
“By combining completed homes with forward-funded delivery, we are able to provide partners with flexible access to scale in well-connected London locations, while supporting the long-term transformation of local communities.”
Principal was advised by Harris Associates, DAC Beachcroft, Greenberg Traurig, Arcadis and Pinnacle Investments. Vistry was advised by Mayfair Private Office with Charles Russell Speechlys acting as legal adviser.
