UK: Amro Partners and NTT UD Europe (NTT UDE), a subsidiary of a Japanese real estate developer NTT Urban Development, have formed a joint venture partnership to fund the development of The Rex co-living project in Kingston, south-west London.
The £80 million GDV project, located directly opposite Kingston train station, is NTT UDE’s first venture in the UK residential market and the first joint venture between the two parties.
The project will deliver 210 coliving units and will be the first coliving building in the UK to achieve BREEAM Outstanding status in addition to the targeted Fitwel 3*, WiredScore Platinum and ActiveScore Platinum ratings.
The project will see part of the existing substructure and superstructure retained to maximise embodied carbon reuse, making it one of Europe’s most sustainable buildings on completion in January 2025.
Amro’s coliving model includes extensive shared facilities including a residents’ lounge, communal kitchens and dining rooms, a wellness centre, co-working spaces and a rooftop terrace.
Raj Kotecha, chairman and CEO of Amro Partners, said: “NTT UDE are a fantastic long-term partner for Amro and we are delighted to have closed the first of what both parties intend to be a number of joint ventures in the UK residential market.”
Tom Donnachie, managing director (UK Investment) of Amro Partners, said: “NTT UDE are strongly aligned with our ESG-driven values and share our vision to create a best-in-class sustainable residential building within the UK residential space. This capital partnership is a great show of strength for the asset class, and we look forward to working collaboratively with them to bring this project forward over the next two years.”
Yasutake Horinouchi, member of the board and head of global business of NTT Urban Development, added: “NTT UD is promoting environmental impact reduction with advanced approaches, and we are pleased to collaborate with Amro Partners, whose stance and business approach are highly compatible with ours. Through our partnership with Amro, we plan to accelerate the expansion of our business in the UK.”
Amro Partners has more than 2,000 purpose-built rental homes under development across Greater London and is actively seeking further land opportunities in London, Manchester and Birmingham.
