Barings has invested £53.5m (€63m) to buy a build-to-rent (BTR) scheme from UK real estate fund manager Moorfield.

Barings said it has bought The Trilogy in Manchester from the manager’s Moorfield Real Estate Fund III fund.

The Trilogy offers 232, one, two and three-bed apartments, together with a range of onsite amenities.

Barings said the latest deal is part of its plan to invest €350m into residential real estate this year.

Darren Hutchinson, the head of UK real estate transactions at Barings, said: “This acquisition was a unique opportunity to enter the attractive Manchester BTR market through a proven operational asset.

“Manchester is a market we know well, having previously invested in student accomodation and office space in the city, and we are confident that the list of major occupiers choosing Manchester as their regional hub will only continue to grow in the months and years ahead, further underpinning the attractiveness of the city for young talent from its universities and thereby creating a deep pool of demand for rental accommodation.”

Ross Netherway, the head of origination at Moorfield, said: “Having designed and developed the scheme specifically for rent in partnership with Glenbrook, we achieved full occupancy shortly after opening in 2019.

“This sale concludes another successful investment for Moorfield Real Estate Fund III and closely follows the recent disposal of The Forge in Newcastle. Investment in BTR remains a key limb in our wider beds investment strategy, which also includes student, healthcare and senior living.”