May 19th, 2023
We’re delighted to announce that Amro Partners and NTT UD Europe (NTT UDE), a subsidiary of a Japanese real estate developer NTT Urban Development, have formed a joint venture partnership to fund the development of The Rex co-living project in London.
The £80M GDV project located directly opposite Kingston train station represents NTTUDE’s first foray into the UK residential market and the first joint venture between the two parties. The project will deliver 210 co-living units and will be the first co-living building in the UK to achieve BREEAM Outstanding status in addition to the targeted Fitwel 3*, WiredScore Platinum and ActiveScore Platinum ratings.
The project will see part of the existing substructure and superstructure retained to maximise embodied carbon reuse, making it one of Europe’s most sustainable buildings on completion in January 2025.
Our innovative co-living model, with extensive shared facilities including a residents’ lounge, communal kitchens and dining rooms, a wellness centre, co-working spaces and a rooftop terrace, will help meet the needs of renters in Kingston. The housing requirement in the town is already under pressure and this is only going increase with projects such as the Unilever Global HQ opening in early-2025, which is expected to bring 2,000 new jobs to the town centre.
Raj Kotecha, Chairman and CEO of Amro Partners said: “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.”
Tom Donnachie, Managing Director (UK Investment) of Amro Partners, said: “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.”
Yasutake Horinouchi, Member of the Board and Head of Global Business of NTT Urban Development, said: “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.”
Tadashi Ito, Managing Director of NTT UD Europe, said: “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.”
NTT UD’s expansive global business originates from the acquisition of an office building in London, in November 2009. Since then, it has expanded its real estate exposure and, with The Rex co-living project, is embarking on its first residential investment. NTT UDE will continue to build up a significant portfolio through acquisition and development of income producing assets in the UK.
May 17th, 2023