Coventry residential sites part of £388m asset sale

Two residential developments in Coventry have been sold as part of a £388m asset sale by developer Downing.

Greystar Real Estate has acquired four student accommodation buildings and a build-to-rent asset from the Liverpool-based developer.

The portfolio has 1,807 beds across the sites at City Point in Coventry, River Street Tower in Manchester, and Holbrook and Pound Field in London.

Built-to-rent asset City Club in Coventry, which includes 100 homes was also part of the multi-million pound deal.

Greystar plans to operate the development as housing for young professionals, which will be Greystar’s first UK site aimed at that demographic.

The sites will be owned and managed by Greystar, who plan to continue to invest to maximise value through leasing, asset improvements and other capital projects. Existing staff at the properties will join the team at Greystar as part the acquisition.

Ben Mowbray, Greystar’s senior UK investment director, said: “Our growth strategy in the UK is underpinned by strong, long-term market fundamentals.

“With the expectation that the UK’s 18-year-old population is set to grow by 2.1% per annum until 2030, Greystar is well positioned to capitalise on increasing demand for high-quality student accommodation.”

The sale by Downing is part of its own expansion plans, which include more than £1bn of current development in the pipeline at sites across the UK.

The developer’s founder George Downing believes the deal is “an exciting milestone” for his business.

He said: “It is a reflection of the quality of these assets and Downing’s approach that we secured such strong interest from large institutional investors.

“We are proud to be setting the standards in terms of design, quality of build and management of these residential schemes and also to be setting the bar in terms of transformational place-making and regeneration.”