UK: Global real estate investor and asset manager Starlight Investments has entered the UK BTR market.
Starlight Investments is a privately held owner, developer and asset manager of more than 77,000 multi-residential units and over nine million square feet of commercial property space. It has around CAD $25 billion of assets under management.
The Toronto-based company has acquired three BTR in Manchester, Liverpool and Ashford, which will deliver 922 new homes when completed.
Starlight will target BTR projects in London commuter-belt markets and eight to ten major cities, and aims to acquire £600 million of assets across a portfolio of up to 2,500 units.
Daniel Drimmer, founder and CEO of Starlight Investments, said: “We are pleased to have global institutional capital partners support Starlight in our European expansion. The UK represents a nascent rental market with a fundamental housing imbalance between supply and demand. Entering the UK Build to Rent market is a natural extension of Starlight’s North American residential expertise that will further allow us to invest with impact and strengthen Starlight’s brand as a global residential investor and asset manager.”
Jonnie Milich, director of Starlight Investments UK, added: “We are proud to be working with some of the best developers across the United Kingdom to deliver high quality communities for residents. Relationships with reputable, local Build to Rent experts coupled with Starlight’s extensive track record of residential investment and asset management has positioned us extremely well to execute in this market. We look forward to expanding Starlight’s European presence through the execution of our Build to Rent strategy in the UK.”
