)
Lone Star has put a block of rental apartments at its giant Wembley Park build-to-rent scheme in north London up for sale at £170M.
The private equity firm has appointed Savills to handle the sale of the 295-unit Landsby after receiving inquiries, React News reported. Wembley Park will ultimately comprise just over 6,000 units and is managed by Quintain, the developer that Lone Star took private for £1B in 2015.
A price of £170M would reflect a 4.25% yield for the 95%-leased block, React reported. It would also mark the third sale in quick succession of BTR apartments at Wembley Park.
Lone Star previously tried to sell Wembley Park as a whole for about £2.5B, but a deal did not get across the line. Now it is selling off individual blocks at the scheme, some of which continue to be managed by Quintain, some of which have new managers.
KKR bought two blocks comprising 490 flats, which Quintain still manages, for £250M in January. And late last year, Goldman Sachs bought three blocks totalling 261 flats for £115M. Those will be managed by Tene Living, a residential operator backed by Apollo veteran Roger Orf.
Elsewhere at Wembley Park, Greystar has bought student assets and development sites, Intermediate Capital Group bought the OVO Arena in 2022 for £50M, and U.S. private equity firm Ardent is in talks to buy the designer outlet shopping centre at the scheme for about £90M.
Hear from firms, including Quintain, about the future of rented residential in the UK at Bisnow’s Build-To-Rent Annual Conference in June.
)
)
)
)
)
)
)
)
)
)
)
)