Two real estate firms have acquired a 294-apartment residential rental complex in east London from Kennedy Wilson for approximately £100 million as part of their PRS joint venture programme.

Realstar, a real estate investor and manager, and global real estate company QuadReal Property Group have added to their growing London portfolio by buying up the asset in the east of the city.

The deal represents Realstar’s fourteenth PRS investment in the UK and marks the fourth asset in the £1 billion London rental joint venture between the Canadian-headquartered firm and QuadReal.

Described as a ‘landmark development within Ilford town centre’, Pioneer Point includes 294 residential units within two towers. There is 35,000 sq ft of fully leased commercial space and 10,000 sq ft of extensive resident amenities. 

In common with other Build to Rent projects, the development offers residents a dedicated on-site concierge and property management suite, as well as resident lounges, meeting spaces and work pods. Residents can also benefit from a quiet lounge, entertainment spaces with open-plan kitchen and dining rooms, a kids’ zone, games room and cinema.

Pioneer Point is just a stone’s throw from Ilford Station, which offers fast connections into London. These will be further enhanced once Crossrail (the Elizabeth Line) becomes fully operational at some point next year. Ilford is a key transport hub on its eastern section, linking Essex with East and Central London.