Investec Real Estate has provided a fund managed by Realstar Group with a three-year £22 mln (€26 mln) investment loan secured against Uncle Manchester, a prime multifamily scheme in central Manchester.
Uncle Manchester comprises 171 studio and one-bedroom apartments in a Grade II-listed former warehouse building, originally built in about 1914, with original features, top specification appliances and designer furnishings.
Sebastian Walley at Investec Real Estate, said: 'Demand in Manchester for well located, highly amenitised rental homes continues to outstrip supply, driven by Manchester’s population growth, position as the UK’s second city and high employee retention rates. Uncle Manchester is a great example of a regenerated asset that complements the history of the original building while delivering a high quality and much needed product that meets the needs of today’s tenants.
This is Investec Real Estate team’s first transaction with Realstar.
