Toronto-based Starlight Investments has launched a European residential asset management platform through of a collaboration with multiple global institutional partners that is focused on the U.K. Build to Rent (BTR) market.
This new endeavor is Starlight’s first in Europe, with the initial activity consisting of the acquisition of three BTR communities in Ashford, Liverpool and Manchester comprising 922 suites and valued at roughly $280.2 million. The company plans to target BTR projects in London commuter belt markets and eight-to-10 major cities, with the goal of acquiring approximately $747 million of assets representing a portfolio of 2,000-2,500 BTR units.
“We are pleased to have global institutional capital partners support Starlight in our European expansion,” said Daniel Drimmer, founder and CEO of Starlight Investments. “The United Kingdom represents a nascent rental market with a fundamental housing imbalance between supply and demand. Entering the United Kingdom Build to Rent market is a natural extension of Starlight’s North American residential expertise that will further allow us to invest with impact and strengthen Starlight’s brand as a global residential investor and asset manager.”
Photo: Starlight Investments’ Liverpool property
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