Global real estate investment management firm Heitman has acquired two sites and entered into an agreement to provide forward funding for two major residential developments in Manchester and Liverpool in the UK.
Financial details were not disclosed.
The firm, which manages over 20,000 multifamily units globally, made the investment on behalf of an affiliate of the firm.
Heitman has partnered with Brickland, a residential developer based in Liverpool, to develop the sites and LIV Group, a build-to-rent operator and consultancy, to advise on the development and operate the assets upon completion.
'The purchase is consistent with our strategy of investing in under supplied sectors, growing urban environments and amenity-rich schemes that also provide a sense of community,' said Tony Smedley, Heitman managing director and head of European private equity.
'We are actively growing our allocation to these investment themes across Europe,' he added.
Milestone for Northern Powerhouse cities
The development in Manchester will consist of two towers of 16 and 19 storeys, featuring 363 one- and two-bedroom units along with duplex and townhouse apartments. TCo-working space, a library, gym, gardens and resident lounge areas are also key features of the development.
The nine-storey development in Liverpool's Baltic triangle will consist of 200 residential units comprised of one-, two-, and three-bedroom units. In addition, the property will have a landscaped upper floor terrace, gym, concierge services and a residential lounge.
Brickland, founded by Liverpool-based CEO Sam Rowlands, is expected to complete both developments in 2020.
'This is a milestone for build-to-rent in these Northern Powerhouse cities. We are bringing forward exemplar private rental schemes without cutting corners where rents will be affordable to the mass market,' said Rowlands.
'We are proud to have worked on the design of these superb developments from an early stage and to have successfully worked with Heitman who are a visionary investment team looking to make a mark in the UK build-to-rent sector,' said Graham Bates, CEO at LIV Group.
