Barings Real Estate Advisers said on Monday that it has agreed a £35 mln (€40 mln) mortgage loan to fund the acquisition of a build-to-rent residential project in Greater Manchester.
The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the £55 mln waterfront private rented sector development site in MediaCityUK, an international hub for the creative and digital sectors.
The proposed development will consist of 238 residential build-to-rent units totalling 148,240 sq ft (13,800 m2) as well as 3,907 sq ft of ground floor retail space, and is the fifth PRS property financed by Barings in the last six months.
'This well-located scheme acquired by a high quality commercial partnership between Atlas Residential and IP Investment Management highlights our appetite to provide development finance to well-structured deals in strong markets,' said Chris Bates, head of Core Mortgage Europe at Barings Real Estate Advisers. 'It also represents our latest build to rent funding transaction and extends our experience of lending to ‘bed-based’ segments of real estate following a number of deals in the student accommodations and hotel space.'
