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.
An average of £476k per unit! Wowzers!
By Anonymous
Great news. Leaving the city center on the tram last night the Great Jackson Street towers were lit up like Christmas trees. These towers are clearly not struggling to attract renters so looks like a good investment for these companies.
By Bob
Just what Manchester needs – another foreign-owned transient BTR tower. Oh sorry, make that two!
By Anonymous
That’s why Renaker get’s construction loans from MCC. Paid back in full with interest.
By Anonymous
Wow……..people bemoan too much and too big in Manchester and people bemoan nothing ever happens in Liverpool………there is always something for people to complain about!!!!
By Anonymous
The 500 million ,will no doubt be invested in further structures, creating more jobs, apprenticeships, and housing. Could Daren Whittaker have a word with this government,and show them how you instil success, and positivity into an economy. Perhaps full devolution on par with Scotland is the next step for Greater Manchester, because it is clear from the pathetic negativity we are seeing from London Labour, that we can’t rely on them.
By Elephant
Thoughtful this might end repaying those GMCA loans too, and that is due to sunset soon.
By Rich X
I wonder if the S106 Clawback might kick in at this level 😁
By Sweet and Sour Grapes!
Meanwhile homelessness continues to climb in the city and new social housing crawls at a snail’s pace.
By Anonymous
Half of Manchester will be living in these shoe boxes the way things are going while the street level is soulless. At least the foreign investors are raking it in!
By Steve T Rolls
To many of these high-rise buildings in Manchester makes it look more like America each day Just don’t like it
By Joan nalty
Steve T Rolls – The population of Greater Manchester is almost 3 million people, the population of the city of Manchester is around 600,000 people, that’s a lot of shoe boxes.
By Anonymous
@elephant. What apprenticeships? I’d like to see the evidence of this. £106k was the offer made for planning because of poor viability. So who’s having a laugh here?
By House Martin
This is actually amazing for Manchester people don’t realise the more we start building the more Manchester economy is rising. Loads of people from London and other parts of England are starting to move to the Manchester so this is great Manchester is up grading at an amazing and fast pace. Let’s keep that going!
By Eko Atlantic (UK)
Fact check for Steve t rolls…….all flats comply with nationally prescribed space standards……..no shoe boxes here……get your facts right before making the usual cheap shots
By Anonymous
It’s not true though, more and more people are living in town but it’s putting others off going in, it’s dead half of the week nowadays
By Anonymous