Global investors swoop for 600 apartments in BTR scheme

A joint venture between two Canadian real estate giants has acquired 603 rental apartments in Birmingham’s Exchange Square.
Global real estate investors Quadreal and Realstar purchased the £100m build-to-rent scheme known as Allegro from LaSalle Investment Management.
The 345,662 sq ft development comprises 603 units across three towers, with heights of 27, 14, and seven storeys. It features a 5,000 sq ft residents hub, ground-floor retail and leisure space, a gym, co-working areas, a roof terrace and 150 car parking spaces.
Allegro came forward in phase one of Nikal’s £350m Exchange Square scheme. Phase Two involved a £77m agreement with Grainger for 375 apartments in a 37-storey tower. In 2023, Nikal completed the 15-storey Premier Inn hotel, which also houses a 6,000 square foot Bar + Block restaurant.
The developer collapsed in October, appointing administrators from Begbies Traynor.
Jay Kwan, managing director and head of Europe at QuadReal said: “The purchase of Allegro reflects our living high-conviction investment strategy as we seek to acquire quality assets in prime locations like Birmingham with strong fundamentals. The living sector remains a key priority for us globally and a target area for growth, and this transaction complements other BTR investments we have made across Europe over the past few years.”
Ryan Prince, chairman of Realstar said: “Allegro will make an excellent addition to our UK portfolio. We have plans to invest further in the asset to bring it up to our UNCLE brand standards and incorporate it into our wider portfolio of over 5,000 UNCLE-branded and individually operated rental apartments across London, Manchester and Leeds.”