Principal Asset Management acquires Queen's Park in London

Principal Asset Management has acquired three new multi-family buildings in Queen's Park, North-West London, from developer Vistry.

Queen's Gate

This acquisition, made on behalf of a separate account client, includes 143 residential units across three newly constructed blocks within the larger North West Quarter development.

The deal involves both a recently completed building, acquired as a turnkey investment and set to open for rentals this summer, and two other buildings currently under construction, which are being forward purchased with an expected completion in late 2026.

The North West Quarter project, a collaboration by Vistry and part of the broader South Kilburn masterplan by the London Borough of Brent, will feature 553 new homes alongside commercial spaces, community facilities like an NHS medical centre, affordable workspaces, and a public plaza. The acquired apartments offer a mix of one-, two-, and three-bedroom units, designed with high-quality specifications, private outdoor spaces, and shared amenities such as roof gardens and courtyards.

This is Principal Asset Management's third UK residential acquisition, following a £100 mln (€115.9 mln) investment in two South-West London multi-family properties in December 2025.

Pinnacle Investments (part of Hyde Group) will operate the residential portfolio.

Chris Game, fund manager at Principal Asset Management, said: “This acquisition reflects our continued conviction in the UK residential market and our focus on well-located, high-quality assets that can deliver durable income. Queen’s Park benefits from strong fundamentals, excellent connectivity and limited new supply, making it well positioned to support long-term rental demand. The assets are located within walking distance of Lonsdale Road, a vibrant street known for its eclectic mix of leisure, dining and retail, further supporting demand.”

Nick Churcher, managing director for Vistry West London, commented: “North West Quarter forms an important part of the South Kilburn regeneration, where we are delivering 328 homes alongside new community infrastructure and amenities. By combining completed homes with forward-funded delivery, we are able to provide partners with flexible access to scale in well-connected London locations, while supporting the long-term transformation of local communities.”

For this transaction, Principal Asset Management was advised by Harris Associates, DAC Beachcroft, Greenberg Traurig, Arcadis and Pinnacle Investments.

Vistry was advised by Mayfair Private Office and Charles Russell Speechlys.