Barings Real Estate has made its second investment in the UK private rented sector (PRS) with the acquisition of a site in Manchester to build a 280-unit apartment complex.
The £57 mln (€64 mln) development is a joint venture with Glenbrook, a property development and investment company specialising in PRS and based in Manchester. The investment is on behalf of an unnamed North American institutional investor.
Upon completion, the property in Cornbrook will consist of 280 apartments, including 93 one-bed, 172 two-bed, and 15 three-bed units, across two 14-storey buildings. The property has been designed for the rental market, and will include a resident’s lounge, garden area, gym and yoga studio all located on the top-floor of the development. A convenience retail store will be located on the ground floor.
Construction commenced in August 2018 with completion expected for October 2020.
This is the second investment made by Barings in the UK PRS market this year and follows the acquisition of Liverpool’s the Keel property in early October.
Gunther Deutsch, European head of transactions at Barings Real Estate, said: 'We are targeting further PRS transactions across Europe in Sweden, Finland, France and Spain as we see positive investment dynamics in these markets. The ability to co-invest or fund local developers is appealing to facilitate early access to these opportunities.'
