Starlight acquires 100 storeys in Greater Manchester from Renaker in £500m deal
A 60-storey building at the £741m Trinity Islands and the 40-floor Parkside in Salford’s Greengate district provide a total of 1,049 homes.
Canadian investor Starlight Investments has acquired the two buildings from Manchester-based developer Renaker as part of a £500m deal. Starlight has also snapped up a 492-home scheme in Basildon.
The double deal provides Renaker with an exit on two large build-to-rent schemes. The developer has previously sold towers to L&G and Cortland in similar deals. SimpsonHaugh Architects designed the Trinity Island tower and Denton Corker Marshall designed Parkside.
The acquisitions increase Starlight’s UK portfolio to more than 3,300 units. Elsewhere in the North West, Starlight acquired the 31-storey Patagonia Place in Liverpool and Michigan Towers in Salford Quays.
Daniel Drimmer, founder and chief executive at Starlight Investments, said: “These acquisitions reflect our strategy to create dynamic communities and high-quality rental housing in growing markets across the United Kingdom.
“Our increasing presence in the UK and our relationships with well-respected and established developers positions us strongly to deliver on our expansion strategy in the country’s growing BTR segment.”
Daren Whitaker, founder of Renaker, added: “We are pleased to have completed these two transactions with a quality and professional global partner, who shares the same vision and values to deliver market-leading build-to-rent communities.
“We look forward to building on this relationship in the future.”
JLL advised Starlight.
