QuadReal Property Group has completed the full acquisition of the UNCLE brand in the UK and Europe, along with Realstar’s UK and Ireland residential operating platform, which will be renamed following the transaction.
The deal brings the operating company fully under QuadReal’s ownership.
Ryan Prince, who has led the business, will remain as CEO for the next 12 months before moving into a non-executive Chairman role. The existing management team will stay in place to oversee the company’s continued operations and expansion.
QuadReal and Realstar began working together in 2017 through a joint venture. In 2021, QuadReal acquired a minority stake in Realstar’s UK operating business. This latest acquisition consolidates control of the platform under QuadReal.
The platform currently manages around 6,000 residential units in London, Manchester, Birmingham, Leeds, and Dublin, with many operating under the UNCLE brand.
QuadReal intends to grow its UK and European build-to-rent (BTR) and student housing portfolio, with the UNCLE brand remaining a part of its regional strategy.
The transaction does not impact Realstar’s other UK assets outside of the joint venture, nor does it affect the company’s operations in Canada or other international markets. Realstar will continue to pursue new investments in the UK and Ireland independently.
Globally, QuadReal’s residential holdings include more than 65,000 rental units and 28,000 student beds, primarily across North America and Australia. In the UK, it holds over 8,500 residential units and 4,500 student beds across 29 locations.
Jonathan Dubois-Phillips, president, international real estate at QuadReal, said: “This furthers QuadReal’s global residential strategy and positions us well for future growth in both the built-to-rent and student housing markets. We have a solid residential foundation in the UK because of our partnership with Realstar, and QuadReal will continue to deliver value through operational excellence and solid portfolio and asset management.”
Ryan Prince, Vice Chairman of Realstar and founder of UNCLE, added: “I am incredibly proud of the businesses we have built, the brands we founded, and the people I have worked alongside since launching Realstar’s UK operations nearly 25 years ago.
“Since the establishment of our UK business, we have worked across sectors from GP surgeries to hotels, BTR, student accommodation and co- living. QuadReal’s investment, particularly over the past five years has turbo-charged our growth, and the business is now in its strongest position yet.
“I look forward working alongside QuadReal on the UK BTR and student fronts while at the same time seeking out new opportunities for Realstar to grow in the UK and Europe.”
Read the orginal article: https://propertyindustryeye.com/quadreal-acquires-6000-home-btr-operating-firm/
