Canadian investor ploughs £580m into Realstar Groups’s UK urban apartments
A Canadian investor has poured £580million into urban apartments in the UK in a deal bosses say shows that cities will be ‘far from dead’ after the pandemic.
QuadReal Property Group has acquired a majority interest in eight UK properties owned by Realstar Group, including seven in London and one in Manchester.
It is also taking over Realstar’s UK management business, which includes the Uncle brand of rented flats.
High rise: Realstar Group’s 45-storey tower in Elephant and Castle in south London (pictured) is the UK’s tallest rental block, with a one-bedroom flat costing £1,700 per month
Uncle promises ‘renting as it should be’ to tenants.
Its 45-storey tower in Elephant and Castle in south London is the UK’s tallest rental block, with a one-bedroom flat costing £1,700 per month.
Ryan Prince, Uncle chief executive, said: ‘Far from being dead when the pandemic passes, cities will continue to be the lifeblood of global communities.
‘With vaccines in circulation, we can now see light at the end of the tunnel.’