Greystar Acquires 26.5 acre former GlaxoSmithKline HQ

Friday, January 1, 2016

London, TBC January: Greystar Europe Holdings Ltd. (Greystar) has today announced the acquisition, with an institutional partner, of a [26.5 acre] site in Greenford, West London for an undisclosed price. The site, formerly home to the GlaxoSmithKline and J. Lyons & Co. operations, will comprise mixed use development with a significant focus on rental housing but also including for-sale residential, employment, active retail, amenity, and community uses. Upon completion, it will be the largest purpose built rental housing (‘multifamily’) development created in the UK.

This site provides excellent transport links with mainline, underground and forthcoming Crossrail stations, a canalside setting and abundant green spaces and amenity offerings.

The development is part of Greystar’s plans to introduce its multifamily proposition to the UK market. Widely adopted in the United States, the multifamily model reflects rental housing for modern lifestyles which offers residents high-quality accommodation with full on-site service and amenities along with the creation of a genuine community. Greystar is the largest multifamily operator in the United States and a large operator of student housing in the UK, and manages over 410,000 residences worldwide.

Wes Fuller, Executive Managing Director, Greystar, said: “We have aspirations to build a large portfolio of purpose designed and developed rental housing in London. The under-supply of housing in London represents an attractive investment opportunity for us and our partners. As a vertically integrated company, we intend to develop and operate the project utilising our team in London.”

Mark Allnutt, Managing Director, Greystar UK Multifamily Team, said: “Greystar’s approach to our sites, with total immersion from conception to planning and development to long-term management, allows us to offer residents the benefits of a high-quality home without compromise. We are working closely with the local community and the London Borough of Ealing to regenerate the site and create a true, sustainable, community. The Greenford site represents our opportunity to introduce an entirely new way of living to the UK. The multifamily model allows people of all ages and life stages to enjoy the benefits of fully-managed properties with superior specifications and amenities. We believe that this marks the beginning of a revolution in the UK property market, and are proud to be leading the way”

Media enquiries to:

Sarah Evans-Toyne/ Marion Hardman
Four Communications
(0)203 697 4200

About Greystar

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of student, multifamily and senior rental housing properties globally. Headquartered in Charleston, SC, USA with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing approximately 410,000 units in over 130 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $10 billion in gross assets under management including $3.9 billion of developments underway.

Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. 
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