QuadReal Property Group and Realstar have acquired the Allegro build-to-rent (BTR) scheme at One Exchange Square in Birmingham for an undisclosed price.
The 345,662 sq ft scheme provides 603 units across three buildings connected by a large central garden podium. The development also features ground floor retail and leisure space and a wide array of on-site amenities including a gym, co-working areas, roof terrace and 150 car parking spaces.
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, from Realstar, added: “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.”
