Starlight inks £45m Liverpool acquisition
The Canadian investor has secured a loan from Maslow Capital to forward fund the development of the 31-storey Patagonia Place at Liverpool Waters, the firm’s first foray into the UK build-to-rent market.
Starlight Investments has taken out a £45m facility from Maslow to build out the 278-home scheme, one of three in its UK pipeline. X1 bought the Liverpool site from Peel L&P earlier this year and will be retained by Starlight as development manager.
Starlight is also close to agreeing a deal to acquire Michigan Towers close to MediaCity in Salford, another X1 development, and a scheme in Ashford, Kent.
Starlight manages a $28bn portfolio across North America, boasting more than 66,000 apartments and 9m sq ft of commercial space and now has its sites firmly set on the UK.
Starlight’s Liverpool purchase forms part of the investor’s plan to amass £600m worth of assets across UK cities.
Daniel Drimmer, founder and chief executive of Starlight Investments, said: “Our venture into the UK’s dynamic build-to-rent market, commencing with this landmark project at Princes Dock, Liverpool, signifies a strategic expansion backed by our robust North American portfolio.
“The £45m financing not only accelerates our initial expansion into the UK housing market but also strengthens our commitment to addressing the pressing housing needs in the region.”
James Henry, director at Maslow Capital, said: “Our partnership with Starlight Investments stems from a shared ambition to alleviate the UK’s structural undersupply of housing and Maslow’s continued commitment to funding high-quality living sector assets.
“We are delighted to support another top-tier institutional partner on an exceptional project that will help address Liverpool’s housing needs. Furthermore, this project marks one of the first steps of Starlight Investments’ ambitious plan to harness its vast scale and North American expertise to significantly contribute to the UK’s housing supply.”
The £45m Patagonia Place loan is the second large facility Maslow has handed out in recent weeks.
Earlier this month, the lender provided Select Property with £128.5m of development finance for a 477-apartment scheme in Manchester.
At last some positive news for the city . Good luck to all involved , now lets get it built and hope its a catalyst for other reputable companies to return to the Liverpool
By Paul M - Woolton
This is great news, lets get it built!. Can they please take on Infinity and Ovatus
By GetItBuilt!
If Starlight wish to extend their portfolio in Liverpool then we have more room available, maybe they’d be interested in Infinity Towers , or other stalled or never started schemes like Norton Point in the Baltic.
By Anonymous
Is this the final render?
By Liverpool4Progress
Could do with another 20 storeys.
By Anonymous
Last few weeks has been much more positive for the city. Just need certain councillors to stop being anti development and the city will have a positive future.
By Simon Clarke
The Lexington looks so tired already, not a good sign is it.
By Anonymous
@ Anon 4.28pm,The Lexington looking tired, you need to elaborate , are there any bits falling off, is it leaning over?
Or are you being mischievous?
By Anonymous
The Lexington looks great
By Anonymous
A good investment.
By Rathbone
I have to say all the development around Princes dock and it’s still a dreary unattractive place to be….is anyone else just bored of Peels non-impact on Liverpool?
By Anonymous
Princes dock looks great. Especially when there’s a cruise ship docked nearby.
By Anonymous
Looks great over a Waterfront not just some low key dead man made canal
By Anonymous
Re Princes Dock,there’s still acres of land laying empty and Peel don’t seem to be in any hurry to get anything built.
Liverpool Council were meant to be building a hotel at the northern end for cruise liner clients but this has been shelved, are they just going to sit on it and let it sweat or be proactive for a change.
By Anonymous