Starlight Investments has acquired three build-to-rent (BTR) communities under development in Manchester and Basildon for more than £500m.
In Manchester, Starlight has purchased two high-rise towers from developer Renaker. The first asset is a 60-storey, 532-suite tower under construction in the Castlefield conservation area. The property will offer a mix of one-, two- and three-bedroom apartments with on-site amenities including an indoor pool, co-working areas, a gym, resident lounges and an outdoor terrace.
Starlight has also purchased a 40-storey, 517-suite residential tower in the Greengate neighbourhood of the city. The property will feature one-, two- and three-bedroom apartments and its amenity offer will include a rooftop terrace, co-working areas, a gym and resident lounges.
The Basildon BTR scheme will offer 492 suites close to the town’s main train station. The property will feature one- and two-bedroom apartments and include extensive amenities such as outdoor terraces, a gym and co-working areas.
These acquisitions increase Starlight’s UK portfolio to more than 3,300 units.
Daniel Drimmer, founder and chief executive officer of Starlight Investments, said: “We are excited to announce the significant expansion of our UK portfolio with a vision to positively impact the communities where we will operate. These acquisitions reflect our strategy to create dynamic communities and high-quality rental housing in growing markets across the United Kingdom.
“Our increasing presence in the UK and our relationships with well-respected and established developers positions us strongly to deliver on our expansion strategy in the country’s growing BTR segment.”
Daren Whitaker, founder and chairman of Renaker, added: “We are pleased to have completed these two transactions with a quality and professional global partner, who shares the same vision and values to deliver market-leading build-to-rent communities. We look forward to building on this relationship in the future.”
JLL advised Starlight Investments on the acquisition of the two Manchester assets.
