Barings Real Estate, which entered the UK private rented sector (PRS) last month, has bought a site in Manchester to build a 280 unit apartment complex.

Barings said the £57m (€64.2m) development in Cornbrook is a joint venture with local property Glenbrook. The investment was made on behalf of a North American institutional investor, Barings.

Barings entered the UK PRS sector with the acquisition of The Keel at Queens Dock in Liverpool.

Darren Hutchinson, Barings managing director and head of UK real estate transactions, said: “Manchester is a thriving city with a diverse and growing economy which presents interesting investment opportunities.

“The property in Cornbrook is now our second significant development in the city following Landmark, an 180,000 sqft office scheme in St Peter’s Square, which is due for completion in the third quarter of 2019.”

Ian Sherry, a director at Glenbrook, said: “Glenbrook are pleased to be working with Barings and continuing our development of PRS accommodation in the UK. Glenbrook has almost 1,000 homes under construction in the North West with a similar number due to start on site next year.

“Barings investment requirements for this sector and Glenbrook’s proven ability to identify and execute these transactions was a natural fit and we look forward to developing this partnership further.”