Allegro acquisition marks a significant step in expanding UK property portfolios

Global real estate powerhouse QuadReal Property Group and Canadian investment firm Realstar have announced the acquisition of Allegro, a prominent Build-to-Rent (BtR) development in Birmingham’s One Exchange Square.

This joint venture adds the impressive 345,662 sq. ft scheme to their portfolios, featuring 603 modern rental units across three interlinked buildings. A standout feature of the development is the expansive central garden podium, complemented by ground-floor retail and leisure spaces. Residents also benefit from a range of premium amenities, including a gym, co-working areas, a roof terrace, and 150 car parking spaces.

Situated in the heart of Birmingham, One Exchange Square enjoys a prime location near key transport links, employment hubs, university campuses, and a wealth of shopping, dining, and leisure options.

The scheme addresses Birmingham’s increasing demand for high-quality rental housing. With the city’s population expected to grow by approximately 3.9% between 2018 and 2028, and a student population of nearly 100,000, mid-market rental properties are in particularly high demand.

Jay Kwan, Managing Director, Head of Europe, International Real Estate, at QuadReal, highlighted the strategic value of the acquisition:
“The purchase of Allegro reflects our conviction in the living sector and our strategy of acquiring high-quality assets in prime locations like Birmingham. This sector remains a global priority for us, and Allegro strengthens our growing portfolio of BtR investments across Europe.”

Ryan Prince, Vice Chairman of Realstar, added:
“Allegro is a fantastic addition to our UK portfolio. We are excited to invest further in the property to align it with our UNCLE brand standards. This will enhance its appeal and integrate it into our wider portfolio of over 5,000 UNCLE-branded rental apartments across London, Manchester, and Leeds.”

Allegro represents a significant milestone for both QuadReal and Realstar, underscoring their shared commitment to investing in vibrant, growing cities and delivering high-quality, tenant-focused living spaces.

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