Europa and Atlas acquire Salford’s tallest BTR tower

Europa Capital and jv partner Atlas Residential have agreed to forward-fund and acquire Salford’s tallest BTR tower at 100 Greengate. The partners will acquire Renaker Build’s 44-storey residential tower, comprising 349 units across 380,000 sq ft of development space. Construction is due to complete in early 2019 and the scheme will be managed by Atlas Residential. It is the operator’s second PRS development in Manchester, after the 238-home MediaCity scheme, due to complete later this year. Europa Capital made the acquisition on behalf of its pan-European value-add fund, Europa Fund V. Hugo Black, partner at Europa Capital, said the acquisition was “a compelling opportunity to invest in one of the fastest-growing cities in the UK with a thriving economy and an expanding population”. Black added: “There is a significant demand for new homes in the city, and we look forward to working closely with Atlas Residential to bring an attractive residential product to the market in wider Manchester.” Ravi Malli, head of asset management at Atlas Residential, said: “This acquisition is consistent with our theme of participating in urban residential regeneration activity in key cities throughout the UK, and we very much look forward to working with Europa Capital to unlock the value of this property.” Daren Whitaker, managing director of Renaker Build, said: “The deal demonstrates the strength of the local market, the extremely high quality of our product and the commitment to the city region that institutional investors are prepared to make.” Atlas Residential has acquired and managed more than 70,000 apartments in the US. It entered the UK through a tie-up with Rockspring and has to date managed 851 homes spread across Southampton, Birmingham and Manchester. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette