UK: Global investment firm KKR has acquired two BTR buildings from Quintain, for an undisclosed sum.
Alameda and Beton, both located in Wembley, north-west London, were completed in 2019 and 2020 respectively, and comprise 490 units across two buildings, along with around 40,000 square feet of retail and leisure space. The buildings have BREEAM Excellent and WiredScore Platinum ratings.
KKR is making the investment through its European Core+ Real Estate strategy, which invests in “high-quality, substantially stabilised assets with medium-term value growth potential”.
As part of the investment, KKR has appointed Quintain to manage both the residential and retail elements of both buildings.
The transaction forms part of Quintain’s wider strategy to dispose of stabilised, early-generation residential assets at Wembley Park, repay debt and to invest in ongoing development, with a focus on BTR, neighbourhood retail and placemaking.
Charles Tutt, head of UK real estate at KKR, said: “We are pleased to acquire two high-quality assets in Wembley Park, one of London’s most exciting residential neighbourhoods. This investment underscores our conviction that residential real estate will continue to benefit from structural growth drivers. Located within an established submarket with excellent connectivity to Central London, the assets are well positioned to benefit from the favourable dynamics of the London residential market.”
James Saunders, Quintain CEO, said: “This deal underlines our commitment to recycling capital from non-core and stabilised assets to re-invest in new homes at Wembley Park, where we have two new buildings underway and on track to be delivered by 2025. We are also delighted that KKR has appointed Quintain Living to continue managing Alameda and Beton. This marks the first step in the roll-out of our Quintain Living management platform to third-party operators.”
The deal follows the acquisition of three other BTR towers from Quintain by Goldman Sachs in November 2023.
