Real estate fund manager Realstar has sold its European residential rental brand UNCLE and its UK and Ireland residential operating platform to QuadReal, which has been a minority investor in the business since 2021.
QuadReal, the real estate arm of British Columbia Investment Management Corporation, and Realstar first launched a joint venture in 2017, which they later expanded through asset acquisitions. The platform now manages nearly 6,000 residential units across London, Manchester, Birmingham, Leeds and Dublin, with a substantial portion of the portfolio operating under the UNCLE brand.
QuadReal said it will continue to expand its UK and European build-to-rent and student housing portfolio, using the brand.
Jonathan Dubois-Phillips, president, international real estate at QuadReal, said: “This furthers QuadReal’s global residential strategy and positions us well for future growth in both the built-to-rent and student-housing markets.
“We have a solid residential foundation in the UK because of our partnership with Realstar, and QuadReal will continue to deliver value through operational excellence and solid portfolio and asset management.”
Ryan Prince, vice chairman of Realstar and founder of UNCLE, said: “Since the establishment of our UK business, we have worked across sectors from GP [general partners] surgeries to hotels, BTR, student accommodation and co-living.
“QuadReal’s investment, particularly over the past five years has turbo-charged our growth, and the business is now in its strongest position yet. I look forward working alongside QuadReal on the UK BTR and student fronts while at the same time seeking out new opportunities for Realstar to grow in the UK and Europe.”
As part of the deal, Prince will remain as CEO for the next 12 months. Following this transition period, he will move to the role of non-executive chairman, and the current team will remain in place to expand the business.
The transaction does not affect Realstar’s other UK assets outside of the joint venture, nor does it impact the firm’s Canadian or other international activities. Following the deal, Realstar will continue to pursue new investment opportunities in the UK and Ireland.
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