Barings is forward funding a £152m (€184m) residential scheme being developed by UK developer Glenbrook.
The mixed build-to-rent (BTR) and build-to-sell scheme on Kirkstall Road near Leeds city centre has been acquired on behalf of an unnamed US insurer.
Glenbrook will retain a stake in the scheme in a joint venture with Barings. The latest deal will be the fourth BTR-led development that Barings and Glenbrook have collaborated on, following the forward funding of Vox, and the acquisition of The Trilogy in Manchester and The Keel in Liverpool.
Ben Pile, head of European residential investment and asset management at Barings Real Estate, said: “Leeds represents a significant opportunity for growth for institutionally developed and operated residential property as the UK’s fourth-biggest city, featuring a lively population of young professionals thanks to a strong employment market and significant graduate-retention rate.
“Given the stabilising economic and political environments in the UK and as we enter a new real estate cycle in Europe, we expect the picture for residential property – and indeed our other preferred sector of logistics – to become even more positive and are, therefore, actively seeking further opportunities to deploy capital on behalf of our partners.”
Gunther Deutsch, managing director and head of European transactions and country head Germany at Barings Real Estate, said Barings has “significantly grown” its European living-sector investments, now second only to logistics, due to strong market trends in the UK and Europe.
Deutsch added: “For 2025, we are currently already working on a secured investment pipeline worth €745m with six transactions in four countries.
“We continue to seek investment opportunities with partners across our preferred jurisdictions of the UK, the Nordics, the Netherlands, Germany, Italy, France and Spain.”
Ian Sherry, co-founder of Glenbrook, said: “We are thrilled to be partnering again with Barings Real Estate on this impactful project. This development not only addresses the urgent need for housing in Leeds but also contributes to the revitalisation of the Kirkstall Road area.”
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