Barings makes second UK PRS investment in Manchester
Barings Real Estate has bought a 280-flat PRS scheme in Manchester for £57m, on behalf of North American institutional investor.
Purchased in joint venture with PRS developer Glenbrook, construction of the scheme, next to Cornbrook Metrolink Station, began in August and is expected to be completed by October 2020.
Barings Real Estate has bought a 280-flat PRS scheme in Manchester for £57m, on behalf of North American institutional investor.
Purchased in joint venture with PRS developer Glenbrook, construction of the scheme, next to Cornbrook Metrolink Station, began in August and is expected to be completed by October 2020.
It will provide 93 one-bed, 172 two-bed and 15 three-bed units, spread across two 14-story buildings.
Features include a resident’s lounge, garden area, gym and yoga studio all located on the top-floor of the development, and a convenience retail store will be located on the ground floor.
It is the second investment made by Barings in the UK PRS market this year following the purchase of the Keel in Liverpool in October.
Darren Hutchinson, Barings managing director and head of UK real estate transactions, said: “Manchester is a thriving city with a diverse and growing economy which presents interesting investment opportunities.
“The property in Cornbrook is now our second significant development in the city following Landmark, an 180,000 sq ft office scheme in St Peter’s Square, which is due for completion in Q3 2019.”
Gunther Deutsch, European head of transactions at Barings Real Estate, added: “We are targeting further PRS transactions across Europe in Sweden, Finland, France and Spain as we see positive investment dynamics in these markets. The ability to co-invest or fund local developers is appealing to facilitate early access to these opportunities.”
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