Europa buys £37m Mulbury BTR scheme
Europa Capital has agreed to forward fund Mulbury’s £37m Bendix Street build-to-rent scheme in Manchester.
The acquisition was made on behalf of the latest value-add fund Europa Fund VI.
Mulbury’s plans for Bendix Street, designed by Tim Groom Architects, comprise 161 homes across 138,000 sq ft, as well as 1,700 sq ft of ground-floor commercial space.
Europa Capital has agreed to forward fund Mulbury’s £37m Bendix Street build-to-rent scheme in Manchester.
The acquisition was made on behalf of the latest value-add fund Europa Fund VI.
Mulbury’s plans for Bendix Street, designed by Tim Groom Architects, comprise 161 homes across 138,000 sq ft, as well as 1,700 sq ft of ground-floor commercial space.
It is located in the historic New Cross district of the city in the Northern Quarter extension.
The scheme will be Europa’s second BTR development in Manchester, after the 44-storey Anaconda Cut scheme of 350 homes, agreed in 2019.
Jason Oram, partner and fund manager at Europa Capital, said: “Against the backdrop of a significant shortage of housing in the UK, the build-to-rent sector has proven its resilience during the pandemic, as well as from wider structural change.
“During times of high inflation, the asset class has historically been a very good hedge, and for these reasons institutional investors are increasing their capital allocations to the sector.”
Hugo Black, partner at Europa Capital, added: “We continue to believe in the attractiveness of residential urban locations, particularly with young professionals, who want to remain close to city centre areas.”
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Image by Tim Groom Architects
