Moorfield has completed a funding agreement with developer Glenbrook for a €140.4m, 440-home multifamily BTR development in Manchester, UK. Lumina Village is the fourth BTR development by Moorfield and Glenbrook, and the relationship will have delivered over 1,000 homes when the scheme is completed.
Lumina Village forms part of the Civic Quarter Master Plan, where Trafford’s 55 acre Civic Quarter is being regenerated to provide up to 4,000 new homes, public realm, green space and 50,000m2 of new office and commercial stock. Plans include the redevelopment of c. 20 ha of brownfield land.
Charles Ferguson-Davie, Chief Investment Officer, Moorfield Group, commented: “Lumina Village is a fantastic asset in one of the UK’s most attractive BTR markets, and the next in our strong relationship with Glenbrook, whose expertise we value enormously. Our early BTR investments performed well and we are now excited to be getting back into the subsector, having been priced out for a number of years and having sold all of our previous projects. We have delivered some of the UK’s best, market-leading schemes; Duet being the highest-ranked UK BTR investment at one point, and we look forward to this new investment now delivering the next stage in design and customer service that will make it fit for purpose for future demand. We think the residential sector continues to offer opportunity, driven by an acute supply and demand imbalance, and the opportunity to provide a far better offering in the marketplace.”
Ian Sherry, director at Glenbrook, adds: “Reaching this funding milestone at Lumina and our fourth BTR funding deal with Moorfield is a huge accomplishment for all those involved. When completed, the scheme will deliver much-needed rental housing in an excellent, well-connected location. Construction has already commenced, and we look forward to updating as the development progresses.”
Shoosmiths, Quartz and CBRE advised Moorfield.
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