Cortland secures £130m loan for Manchester scheme

Build-to-rent firm Cortland has secured a £130m debt facility to build out its Colliers Yard scheme in Manchester. The deal signed by Cortland and its joint venture partner Madison International Realty is one of the single largest debt transactions to be executed in the UK this year. The facility was provided by a global investment manager. As well as supporting the 559-home Manchester scheme, the transaction will allow Cortland to grow its footprint in the UK by acquiring BTR assets in key regional locations, in line with its growth strategy. Victoria Quinlan, president of Cortland in Europe, said: “This deal demonstrates our ability to transact at all points in the economic cycle. It is testament to the growing strength of our brand, customer offer and our ability to deliver schemes in strategic locations throughout the UK.” Cortland was advised by Jones Day and Cushman & Wakefield. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews