Developer snaps up “attractive” Stratford build-to-rent site in eight-figure acquisition

Greystar Real Estate Partners today announced it has acquired an “attractive” build-to-rent site in Stratford, east London, with an existing capital partner, in the latest phase of its successful growth strategy in the UK.

The Stratford Mill site is located in the heart of the Pudding Mill masterplan, which is on track to be an “exemplary piece of urban design” as part of the wider regeneration of the Queen Elizabeth Olympic Park.

The site benefits from existing planning consent, with the 2-acre site representing the second phase of a larger development. The first phase has been completed by UK based developer Lifestory.

Since entering the UK market in 2013, Greystar has pursued a successful growth strategy and built a diversified, institutional-quality portfolio of rental housing across London, helping to address the acute shortage of high-quality and professionally managed-rental housing while maximising investment returns for investors.

The well-connected site is located a short walk from Pudding Mill station and Stratford station, providing a direct route into central London. Situated in a mixed-use area, it includes a “significant and diverse” element of business floorspace in addition to space for up to 1,500 new homes.

Stratford town centre is also in close proximity, which is home to a variety of supermarkets, independent and popular eateries, and retail amenities including Westfield Stratford.

Harry Downes, managing director, UK Investment, Greystar commented: “This strategic acquisition presents us with the opportunity to develop an attractive site in a fast-growing, and increasingly popular, pocket of London.

“The process was highly competitive and is further proof of Greystar’s well-recognised reputation for delivering purpose-designed and highly amenitised buildings at scale for multifamily, young professionals and student housing.

“Given we have invested £11bn in the UK and have a further £2bn to invest with a current operational portfolio and pipeline of 11,000 build-to-rent homes, we are well positioned to leverage the opportunities ahead in London, a key market in our global investment strategy.”

Chris Powell, regional managing director, Lifestory, added: “The sale of the second phase of Stratford Mill, a beautiful riverside site with planning consent for 245 homes, concludes a six-year journey for Anthology in Stratford and reflects a change of direction for the Lifestory Group.”

By Matthew Neville – Senior Correspondent, Bdaily

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