Goldman Sachs Asset Management and Tene Living have bought three build-to-rent assets totalling 261 homes in Wembley Park, north-west London, from Quintain.
EG understands that the pair paid around £110m for the three buildings, known as Alto, Montana and Dakota.
The sites were previously owned by private equity firm Lone Star, which acquired Quintain for £1bn in 2015.
The joint venture plans to refurbish the properties, improve their ESG performance and increase value through asset management.
Chris Semones, a managing director in the real estate business within Goldman Sachs Asset Management, said: “This investment fits well with our continued conviction in the UK residential sector, supported by favourable macro tailwinds and a business plan that will add value to both our tenants and future investors.”
Sagi Rubin, founding partner and chief executive at Tene Living, said: “First-generation build-to-rent assets require considerable know-how and capital expenditure to bring them in line with current standards.
“This is the first of many deals where we plan to leverage our residential build-to-rent experience from across Europe and the US to deliver centrally located and competitively priced rentals with a seamless, professionally managed rental experience and segment-focused amenities within a vibrant community.”
Quintain chief executive James Saunders added: “This deal is part of our strategy to sell stabilised build-to-rent buildings and recycle capital and underlines our commitment to delivering hundreds of new homes at Wembley Park, alongside retail, leisure and public realm.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG
