Greystar acquires UK BTR asset to operate under Canvas

Greystar acquires a Build to Rent asset and four PBSA assets for £388m and unveils new pan-European brand called Canvas.

Coventry where Greystar has acquired a Build to Rent asset | BTR News
Coventry where Greystar has acquired a Build to Rent asset.

Global leader in the investment, development, and management of high-quality rental housing, Greystar Real Estate Partners LLC (Greystar), has acquired a Build to Rent asset and four PBSA buildings for £388m from Downing, on behalf of a managed fund in an open market bidding process. The acquisition is subject to regulatory approvals.

The Build to Rent asset is located in Coventry, includes 100 homes and is currently operational with strong occupancy. Amenities include a gym, cinema room and terraces. Greystar will also deliver additional value to the scheme by implementing its vertically integrated platform.

“We invested heavily to develop these sites to the highest possible standard and are extremely proud of what we have achieved. All assets currently have strong occupancy and boast high quality amenities including gyms, cinema rooms and terraces.

“It is a reflection of the quality of these assets and Downing’s approach that we secured such strong interest from large institutional investors. We are proud to be setting the standards in terms of design, quality of build and management of these residential schemes and also to be setting the bar in terms of transformational place-making and regeneration.

“This announcement marks an exciting milestone for our business. With over £1bn worth of developments in the pipeline at sites across the UK, the agreement we have reached with Greystar will allow us to look for opportunities to grow our development programme further.”

George Downing, Founder, Downing

Greystar will operate this Build to Rent scheme as young professional, under 25 year old housing under Greystar’s new pan-European brand called Canvas, which has been unveiled for the first time by company. The new brand has been applied to some PBSA assets which Greystar acquired from Nido Student in 2021.

“With the launch of our Canvas brand, we are pledging to work together with our residents to create a more sustainable future, as we believe what we do today affects our tomorrow. All of our brands are customer-centric with residents at their heart; we utilise extensive customer research and feedback to thoroughly understand the needs and preferences of our target audiences.

“By listening and learning from our residents, we know that sustainability and wellbeing are now not just a nice to have but central to their decision-making process. It is envisaged that as the footprint of the brand grows across Europe that Canvas residents will be able to benefit from short stays at other buildings within the portfolio giving them easy access to a range of cities.”

Melody Mijnen, Senior Director – Marketing, Brand and Insights, Greystar

The new brand has been developed entirely in-house by Greystar’s Marketing, Brand and Insights team. Canvas aims to support people during a significant period of their life by providing a safe and sustainable living environment. Canvas is part of a multi-asset brand strategy linked to a licence model that offers Greystar’s partners a broader branding service, where they can benefit from tapping into a wider footprint and the financial efficiencies of scale.

“Our growth strategy in the UK is underpinned by strong, long-term market fundamentals. With the expectation that the UK’s 18-year-old population is set to grow by 2.1% per annum until 2030, Greystar is well positioned to capitalise on increasing demand for high-quality student accommodation. Meanwhile, we will be introducing young professional housing to our portfolio in the UK for the first time, which has been very successful in our other European markets.”

Ben Mowbray, Senior Director – UK Investment, Greystar