Moorfield’s fifth UK value-add property fund is funding a £120m (€140m) build-to-rent (BTR) multifamily development in Trafford, Manchester.
The UK real estate fund manager’s Moorfield Real Estate Fund V is forward-funding the 440-home project at Lumina Village in a deal that marks Moorfield’s fourth development agreement with Glenbrook.
Glenbrook is also developing an additional 199 units on behalf of Clarion Housing Group as shared ownership and affordable housing.
Moorfield’s scheme, which is expected to be completed in 2026, will comprise four buildings and a central podium, with residential accommodation including apartments and townhouses.
The latest development from Moorfield and Glenbrook marks the pair’s fourth collaboration and will add over 1,000 homes to their Manchester portfolio upon completion.
The previous partnerships were The Keel in Liverpool, The Trilogy in the Castlefield area of Manchester, and the Duet in Salford Quays, Greater Manchester, all of which have been sold.
Charles Ferguson-Davie, Moorfield Group’s CIO, said: “Our early BTR investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our previous projects.
“We have delivered some of the UK’s best, market-leading schemes – Duet being the highest ranked UK BTR investment at one point – and we look forward to this new investment now delivering the next stage in design and customer service that will make it fit for purpose for future demand.
“We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the market place.”
Ian Sherry, director at Glenbrook, said: “Reaching this funding milestone at Lumina and our fourth BTR funding deal with Moorfield is a huge accomplishment for all those involved.
“When completed, the scheme will deliver much needed rental housing in an excellent, well-connected location. Construction has already commenced and we look forward to updating as the development progresses.”
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