Investec lends Realstar £22m for Manchester BTR

Investec Real Estate has provided RealStar Group a three-year £22m facility secured against a built-to-rent scheme in Manchester. The loan is secured against the 171-flat UNCLE Manchester, based in the city centre. Sebastian Walley at Investec Real Estate, said: “Demand in Manchester for well located, highly amenitised rental homes continues to outstrip supply, driven by Manchester’s population growth, position as the UK’s second city and high employee retention rates. “UNCLE Manchester is a great example of a regenerated asset that complements the history of the original building while delivering a high quality and much needed product that meets the needs of today’s tenants.” The deal is Investec Real Estate’s first transaction with Realstar. Canada-based Realstar is led by chief executive Ryan Prince in the UK and has a portfolio of more than $9bn of assets under management. It launched in the UK in 2002. The UNCLE BTR operation was launched in 2017 has 11 properties either open or under construction.  Through its joint venture with QuadReal, the firm is hoping to at least double its portfolio within the next few years.