QuadReal Property Group has acquired the UNCLE brand in the UK and Europe as well as Realstar’s UK and Ireland residential operating platform for an undisclosed price.
QuadReal and Realstar launched their first joint venture in 2017 and in 2021 QuadReal purchased a minority interest in the Realstar UK operating company.
Today, the build-to-rent (BTR) platform manages nearly 6,000 residential units and a substantial portion of this portfolio operates under the UNCLE brand.
Ryan Prince, vice chairman of Realstar and founder of UNCLE, will remain as CEO of the business for the next 12 months and following this transition period, he will move to the role of non-executive chairman. The current team will remain to expand the business.
Jonathan Dubois-Phillips, president, international real estate at QuadReal said: “This furthers QuadReal’s global residential strategy and positions us well for future growth in both the built-to-rent and student housing markets. We have a solid residential foundation in the UK because of our partnership with Realstar, and QuadReal will continue to deliver value through operational excellence and solid portfolio and asset management.
Prince added: “I am incredibly proud of the businesses we have built, the brands we founded, and the people I have worked alongside since launching Realstar’s UK operations nearly 25 years ago. Since the establishment of our UK business, we have worked across sectors from GP surgeries to hotels, BTR, student accommodation and co-living.
“QuadReal’s investment, particularly over the past five years has turbo-charged our growth, and the business is now in its strongest position yet. I look forward working alongside QuadReal on the UK BTR and student fronts while at the same time seeking out new opportunities for Realstar to grow in the UK and Europe.”
