A global investment manager has acquired a huge build-to-rent (BTR) apartment scheme in Manchester for £53.5m in an off-market transaction.
Barings has acquired The Trilogy from Moorfield on behalf of Moorfield Real Estate Fund [MREF]. Barings said the deal marks its latest BTR acquisition as part of its strategy to invest around €350m into residential property this year.
Developed by Moorfield and launched to the letting market in 2019, the scheme in Castlefield, a mile from the city centre, has 232 one, two and three-bed apartments, as well as on-site facilities such as a gym, 24-hour concierge, underground car parking, bike racks, a communal courtyard garden and residents’ lounge.
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Darren Hutchinson, head of 海角视频 real estate transactions at Barings, said: “This acquisition was a unique opportunity to enter the attractive Manchester BTR market through a proven operational asset.
"Manchester is a market we know well, having previously invested in purpose-built student accommodation and prime office space in the city, and we are confident that the list of major occupiers choosing Manchester as their regional hub will only continue to grow in the months and years ahead, further underpinning the attractiveness of the city for young talent from its universities and thereby creating a deep pool of demand for rental accommodation.”
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Barings’ 'living' portfolio now comprises in the region of 1,130 residential units and 267 student beds completed or in development.
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Barings was advised by CMS. Moorfield Group was advised by Knight Frank and Shoosmiths.
Ross Netherway, head of origination at Moorfield Group, said: “Having designed and developed the scheme specifically for rent in partnership with Glenbrook, we achieved full occupancy shortly after opening in 2019.
"This sale concludes another successful investment for MREF and closely follows the recent disposal of The Forge in Newcastle. Investment in BTR remains a key limb in our wider beds investment strategy, which also includes student, healthcare and senior living.”