Amro and NTT UDE JV to fund The Rex co-living scheme

Amro Partners and NTT UDE form a new joint venture to fund The Rex co-living development in London, which achieved planning last year.

Station view of The Rex co-living scheme in London. Amro Partners and NTT UDE form a joint venture to fund the scheme | BTR News
Station view of The Rex co-living scheme in London. Amro Partners and NTT UDE form a joint venture to fund the scheme.

Amro Partners and NTT UD Europe (NTT UDE) have partnered on a new joint venture to fund The Rex, an £80m GDV co-living scheme in London that achieved planning permission in January 2022. Knight Frank LLP advised on the transaction.

“NTT UDE are a fantastic long-term partner for Amro and we are delighted to have closed the first of what both parties intend to be a number of joint ventures in the UK residential market.”

Raj Kotecha, Chairman and CEO, Amro Partners

Located opposite Kingston train station, the development will deliver 210 co-living units which is being developed by Amro Partners. The Rex will provide a range of shared facilities for residents, including a lounge, rooftop terrace, communal kitchens, dining rooms, co-working spaces and a wellness centre. Work on site has started and upon completion in January 2025, Amro Living will operate the scheme.

The Rex will be the first co-living building in the UK to achieve BREEAM Outstanding status. It is also targeting Fitwel 3*, WiredScore Platinum and ActiveScore Platinum ratings. The project will also see part of the existing substructure and superstructure retained to maximise embodied carbon reuse, making The Rex one of Europe’s most sustainable buildings.

“NTT UDE are strongly aligned with our ESG-driven values and share our vision to create a best-in-class sustainable residential building within the UK residential space. This capital partnership is a great show of strength for the asset class, and we look forward to working collaboratively with them to bring this project forward over the next two years.”

Tom Donnachie, Managing Director (UK Investment), Amro Partners

NTT UDE is a subsidiary of the Japanese real estate developer NTT Urban Development. This new joint venture represents NTT UDE’s entry into the UK residential market. It is also the first joint venture between the two companies.

Since 2009, NTT UDE has expanded its real estate exposure and The Rex is the company’s first residential investment. The business plans to continue building its portfolio in the UK through acquisitions and development of income producing assets.

“NTT UD is promoting environmental impact reduction with advanced approaches, and we are pleased to collaborate with Amro Partners, whose stance and business approach are highly compatible with ours. Through our partnership with Amro, we plan to accelerate the expansion of our business in the UK.” Yasutake Horinouchi, Member of the Board and Head of Global Business of NTT Urban Development

“We are delighted to embark on our first residential project in the UK with Amro Partners. Building upon our collective expertise, we will deliver a ‘best in class’ co-living project in London and expand further into the UK residential market.”

Tadashi Ito, Managing Director, NTT UD Europe

Alongside The Rex scheme, Amro Partners is also on site at The Wiltern – its Build to Rent project in Ealing, and the company has submitted plans to deliver Botanical House – a South London Build to Rent scheme.