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.”
