Barings Real Estate Advisers, part of Barings LLC, has provided a €39.3m (£34,7m) 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 €62.4m (£55m) GDV waterfront private rented sector development site in MediaCityUK, a leading international hub for the creative and digital sectors and a vibrant destination for business, leisure and living. MedaCityUK is home to BBC North, ITV, Coronation Street, SIS LIVE, the University of Salford, dock10 and over 250 innovative businesses.
The proposed development will consist of 238 residential build-to-rent units totalling 148,240 ft² as well as 3,907 ft² of ground floor retail space and is the fifth PRS property financed by Barings in the last six months.
Chris Bates, Head of Core Mortgage Europe at Barings Real Estate Advisers, said, “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. 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.”