UK: A joint venture between Quadreal Property Group and Realstar has acquired the Allegro BTR scheme in Birmingham.
The development includes 603 units across three buildings connected by a large central garden podium, as well as ground-floor retail and leisure space. Amenities include a gym, coworking areas and roof terrace, and 150 car parking spaces.
The 345,662 square foot scheme is located at One Exchange Square, a central location in Birmingham which is close to transport hubs, employment zones, university campuses and a wide range of retail, amenity and F&B offerings.
Ryan Prince, vice president at Realstar, said: “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.”
Jay Kwan, managing director, head of Europe, international real estate, Europe at QuadReal, added: “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 Build to Rent investments we have made across Europe over the past few years.”
