Goldman Sachs Asset Management and Tene Living Acquire Build-To-Rent Assets in Wembley Park, London

LONDON – January 18, 2024 – Goldman Sachs Asset Management together with Tene Living closed the acquisition of Alto, Montana, and Dakota, three build-to-rent assets totalling 261 units in Wembley Park, London, from Quintain.

Wembley Park is a 85-acre multifamily-led, mixed-use regeneration scheme, centred around the iconic Wembley Stadium. The scheme is designed to be a vibrant ‘15-minute neighbourhood’, with tenants being a stone’s throw away from 1.7m sqft of leisure, commercial and retail space. The assets benefit from fantastic transport links as well, with rail services from Wembley Park and Wembley Stadium Station providing access to Baker Street, Marylebone and Bond Street in less than 20 minutes, making the scheme popular amongst commuters, families and students alike.   

As part of this project, we plan to refurbish amenities, provide hands-on and efficient management and proactively execute environmental, social and governance uplifts, providing tenants with an enhanced rental experience.   

Chris Semones, a Managing Director in the Real Estate Business within Goldman Sachs Asset Management, said: “We are excited to work with Tene Living on the acquisition of Alto, Montana, and Dakota, three high quality residential rental assets in Wembley Park, London. This investment fits well with our continued conviction in the UK residential sector, supported by favourable macro tailwinds.”   

Roger Orf, Founding Partner and Chairman of Tene Living, said: “We are delighted to be working with Goldman Sachs Asset Management and look forward to being part of the thriving community Quintain has created in Wembley Park. The UK's professional rental market is still in its infancy, creating a huge opportunity for innovation. Leveraging our experience in other global markets we’re creating a quality and value-oriented product that avoids the pitfalls of existing privately owned and managed rentals, whilst working to enhance tenant experience and ESG credentials.”   

Sagi Rubin, Founding Partner and CEO at Tene Living, said: “First-generation build-to-rent assets require considerable know-how and capital expenditure to bring them in line with current standards. This is the first of many deals where we plan to leverage our residential build-to-rent experience from across Europe and the US to deliver centrally located and competitively priced rentals with a seamless, professionally managed rental experience and segment focused amenities within a vibrant community.”   

James Saunders, Quintain CEO, said: “This deal is part of our strategy to sell stabilised build-to-rent buildings and recycle capital and underlines our commitment to delivering hundreds of new homes at Wembley Park, alongside retail, leisure and public realm. We were delighted that Montana, Dakota and Alto leased so quickly when they were launched to market and are proud of the stabilised assets they quickly became.”    

About the Assets

Montana & Dakota
Situated in the North Western lands of Wembley Park, Montana and Dakota form part of a seven-block scheme called Emerald Gardens. Completed in 2016, Montana and Dakota total 141 units and surround an acre of landscaped, private gardens and features a number of amenities.

Alto
The award-winning Alto building was completed in 2017 and comprises 120, modern homes offering spectacular views from the roof terrace across the capital and a prime view of the Stadium arch.

About Real Estate at Goldman Sachs Asset Management

Goldman Sachs Asset Management delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals, overseeing more than $2.5 trillion in assets under supervision as of December 31, 2023.   

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.   

Goldman Sachs Asset Management is one of the largest managers of private capital globally and invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate, infrastructure and sustainability.  

Established in 1991, Real Estate at Goldman Sachs Asset Management is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity.   

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Media Contacts:
Joseph Stein +44 207 774 4080    

About Tene Living

Tene Living is developing a portfolio of over 5,000 purpose-built rental homes across the UK to capitalise on the need for high-quality yet affordable and well-located accommodation. Targeting the UK’s high growth regional centres and Greater London commuter towns, Tene Living will focus on providing centrally located and affordably priced rental homes to provide a seamless, professionally managed rental experience and segment focused amenities within a vibrant community.  

Tene Living’s founding partners are Roger Orf, Sagi Rubin, and Ted Orf.