The transactions have a combined gross development value of 拢183.5m and will see Redrow build 513 new homes for rent in Southall and Colindale. They will be managed under Realstar鈥檚 Uncle brand.
As part of the transactions, Uncle will acquire 347 new homes at Redrow鈥檚 Colindale Gardens development in Colindale, north London. The 拢119.5m private rented sector (PRS) deal is Redrow鈥檚 largest to date and follows the 拢82.7m deal it announced with M&G Real Estate last year for 186 new rental homes at Colindale Gardens as well as 211 homes sold to L&Q in 2016.
Colindale Gardens is being built on the site of the former Peel Centre Metropolitan Police training college in Hendon. More than 2,900 new homes are planned there over the next 10 years.
Redrow鈥檚 second deal with Realstar, worth 拢64m, is for 166 apartments in Southall, west London. The site is next to Redrow鈥檚 existing scheme The West Works, a mixed-use development that includes 302 new homes.
Redrow London managing director Mark Parker said: 鈥淭hese build-to-rent deals signal yet another exciting opportunity for Redrow and our customers as we strive to create sustainable communities with a variety of homes for all needs. Both Colindale and Southall are quickly defining themselves as new property hotspots as they undergo significant inward investment.鈥�
Ryan Prince, chief executive and founder of Uncle, said: 鈥淯ncle鈥檚 strategy is to grow and become a dominant player in the London rental market with assets located throughout the city 鈥� north, south, east and west.鈥�
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