Europa Capital, together with its joint venture partner Atlas Residential, has entered into a forward agreement to acquire 100 Greengate, a PRS development in Greater Manchester, from the city’s leading residential developer Renaker Build. The 44 storey residential tower, the tallest building in the city of Salford, will comprise 349 units across 380,000ft², including one, two and three bedroom apartments. The building will offer residents excellent amenities including a gym, a concierge service, residents’ lounge and a rooftop landscaped garden. Construction is due to complete in early 2019. The completed development will be managed by Atlas Residential. The purchase price was not disclosed.
This is the second PRS scheme to be delivered by Renaker in the city and the development further progresses Salford City Council’s masterplan for the Greengate area, involving the creation of approximately 2,000 new homes, as well as public open spaces and new cultural hubs. The scheme sits within walking distance of Manchester’s central retail district, Harvey Nichols and Selfridges and is in close proximity to Manchester Victoria station.
Hugo Black, Partner at Europa Capital, commented: “This acquisition not only builds on our existing track record in UK PRS but presents a compelling opportunity to invest in one of the fastest growing cities in the UK with a thriving economy and an expanding population. There is a significant demand for new homes in the city and we look forward to working closely with Atlas Residential to bring an attractive residential product to the market in wider Manchester.”
Ravi Malli, Head of Asset Management at Atlas Residential, commented: “We are excited to be extending our management footprint to what will be our second community in Greater Manchester. 100 Greengate will provide our team with another opportunity to deliver 1st class customer service to future residents seeking a home in this increasingly vibrant city. This acquisition is consistent with our theme of participating in urban residential regeneration activity in key cities throughout the UK and we very much looking forward to working with Europa Capital to unlock the value of this property.”
Daren Whitaker, Renaker Build’s Managing Director, added: “We are delighted to have agreed the forward sale of 100 Greengate to Europa Capital and Atlas Residential. The deal demonstrates the strength of the local market, the extremely high quality of our product and the commitment to the city region that institutional investors are prepared to make. It also gives us great confidence as we take forward our plans for the regeneration of the wider Greengate area, which will ultimately create a new destination for locals and visitors alike.”