Europa Capital has expanded its build-to-rent (BTR) portfolio in the UK with the acquisition of a 12-storey building project in Manchester.
The pan-European real estate investment manager is buying the Bendix Street residential development in Manchester’s New Cross district from housing developer Mulbury in a forward funding deal.
Europa Capital said the acquisition is being made on behalf of its latest value add fund, Europa Fund VI.
This is the second residential scheme to be delivered by Europa Capital in Manchester since the launch of the Anaconda Cut, a 44-storey residential building offering 350 rental apartments, in 2019.
Jason Oram, partner, 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, said: “We continue to believe in the attractiveness of residential urban locations, particularly with young professionals, who want to remain close to city centre areas.
”This development is in an exciting part of Manchester, which is experiencing strong levels of demand, whilst building on our existing presence in the city, as well as our UK wide residential platform.”
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