Two Canadian property investors have agreed to buy nearly 300 rental flats in east London in a £100 million deal, as demand for rented accommodation rises.
Joint-venture partners Realstar and QuadReal, the property arm of a Canadian pension fund, said they have bought Pioneer Point in Ilford.
The purchase, from investor Kennedy Wilson, includes 294 apartments, residents’ lounges and a communal cinema room, as well as shops.
The new owners have already teamed up on over £400 million of deals in the capital.
Ryan Prince, UK boss of Realstar, which will manage the homes, said: “We believe that properly managed, large-scale residential rental assets are a critical element to help solve London’s housing needs.”
Commitment to invest comes as more people struggling to get on the housing ladder look to lease properties for longer.
Realstar longer term may introduce its residential brand ‘Uncle’ there. That brand offers upmarket properties filled with Made.com furniture, free on-site gyms, and no-letting fees to estate agents.