Alameda
Beton
490 families renting in Wembley Park will find themselves with a new landlord following Quintain's sale to KKR of two Wembley Park blocks, Alameda and Beton. However, those tenants who have been complaining about the management of the blocks LINK will be stuck with Quintain Living as KKR have appointed them to manage both the retail and resident elements of both buildings.
The sale is part of Quintain's strategy to sell off blocks to use the cash to finance further building.
Quintain's Press Release
KKR, a leading global investment firm, today announces the acquisition of two high-quality, purpose Build-to-Rent (BtR) multi-family buildings from Quintain, the developer and asset manager behind Wembley Park, for an undisclosed sum.
Alameda and Beton, completed in 2019 and 2020 respectively, comprise 490 BtR units across two buildings and circa 40,000 sq ft of retail and leisure space. The buildings hold 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. Residential is a thematic priority for KKR’s overall European real estate strategy, given its strong structural growth drivers, including population growth and urbanisation to support greater demand for rental housing. The transaction builds on KKR’s strong Real Estate platform in the UK and across Europe where the team also invests across logistics, industrial and commercial real estate through KKR’s platforms.
As part of the investment, KKR has appointed Quintain to manage both the residential and retail elements of both buildings, marking Quintain’s commitment to manage properties as a third-party manager for investors in BtR through its Quintain Living management platform.
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, commented: “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.”
Ian Williamson, Head of Core+ Real Estate in Europe at KKR, added: “This acquisition expands on our European real estate strategy, which includes investing in high-quality residential assets. The Core+ sector is proving to be a strong strategy given its ability to structurally grow in areas where there is an imbalance in supply and demand, particularly as investors seek attractive risk adjusted returns in a dynamic macro-environment. KKR is well positioned in a competitive market given our global track record, the strength of the KKR platform and our sophisticated investment approach.”
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.”
7 comments:
It says here "All landlords renting out properties in Brent will soon be legally required to have a selective license, except in Wembley Park.": https://www.brent.gov.uk/news-in-brent/2023/december/government-gives-licensing-go-ahead
Would Quintain have got less money from the sale of these two blocks if the new landlord licence requirement in Brent included all rental properties in Wembley Park???
Did Quintain put pressure on Brent Council not to include Wembley Park in the landlord licence scheme?
How much revenue will Brent Council lose out on due to their decision not to include rental properties in Wembley Park?
Cllr Knight says:
"It will also give landlords and agents complete clarity on their responsibilities regarding property management and safety." Surely all tenants in all properties in Brent require the same protection through a landlord licence scheme, Wembley Park should be included in this scheme.
Head of UK Real Estate at KKR says: "This investment underscores our conviction that residential real estate will continue to benefit from structural growth drivers."
Translation: Rents at Wembley Park will continue to go up, meaning guaranteed profits for our US shareholders.
How many Brent residents manage to afford these rents and have moved in?
How many London residents manage to afford these rents and have moved in?
How many UK residents manage to afford these rents and have moved in?
If the majority are none of the above, it is no wonder there is such a housing crisis and is obviously supported by our government and especially councils like Brent for allowing so much student accommodation to be built while pretending they are for UK residents. In the end Brent and like minded boroughs will become soulless areas comprised of the haves and have nots.
There are currently 267 flats available for rent in Wembley Park on Rightmove. Some of the three bedroom flats are listed at over £1,000 per WEEK!!! There are 30 at £3,000 a month or more!! There are 120 flats at between £2,000 and £3,000 a month!! What is going on?
There are currently 180 Student units available for rent in Wembley Park on Rightmove. Of these 20 are over £3,000 a month, 89 of them are priced between £2,000 and £3,000 per month.
So, dear Councillors Butt, Knight and Tatler, please tell us who these flats are for? They are obviously not for the likes of Brent residents are they? Be honest with us and admit you are ruining Brent and doing a bit of Social Cleansing but mainly for the benefit of your developer friends and big businesses supported, not forgetting hedge funds and the like.
So, shame on you and your supporters for your misrepresentations of the reasons for all these excessive and very expensive developments in Brent. You can't now even get contributions to social/affordable housing now, and you then say that the CIL funds received will benefit Brent! What a load of Wembley Stadium staircases that will buy and build or you can fund ridiculous schemes of supposedly beneficial projects in the borough, when they are actually predominantly going to 'we know who' under the direction of you Cllrs Butt and Tatler.
Shame on the rest of you councillors for supporting this, or for not resisting it, especially those of you who currently support Butt for his patronage... we will be looking closely at the coming year's appointments of councillor position, especially those who want to be, and become mayor and deputy. We will also look closely at the Planning, Audit etc committees that support your vision for Brent and mates.
Soon a 1% deposit will likely be all that is needed to sign up for this Freehold Management Towers Imperial Great Western City building across 6 boroughs bit-by-bit/ segregation-by-segregation. Four bedroom tower flats in towers- What choice do families have in 2024 from the present political consensus?
It will be scary to see how depleted and bare life basic "the worse the better" this new Imperial Great Western City will be, subject life, when it is compared to the strong protected pandemic resilience old conservation areas city where tax will be spent on world class social infrastructure, utilities and green spaces, citizen life.
No wonder government wants out of the European Court of Human Rights ASAP.
Who’s “we know who”?
Mayor and deputy are positions that need to be gotten rid of, so may cllrs just waiting to fill those boots for no reason aside from an ego trip.
Wembley Park being a fragment of it, interesting how the 6 borough Great Western car free-city of 4 bedroom sky houses will not active traffic connect its 70 storey plus massed tower-scape together.
Its subject population 2024 regarded as unworthy of major active travel infrastructure state investment. So, no plan B when there's a rail strike? And how will the towered be able to easy access its ready made to scale green space such Wormwood Scrubs Common?
Post a Comment