Investec Real Estate (Investec) announces that it has provided a fund managed by Realstar Group (Realstar), with a three-year c. €25.7m investment loan secured against UNCLE Manchester, a prime multifamily scheme in central Manchester, comprising 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 the Real Estate team’s first transaction with Realstar, a UK leader in the BTR space who join our global network of over 150+ clients.”
Ryan Prince, CEO of Realstar, commented: “Cities are the heart and soul of our world and that is why Realstar continues to invest in high-quality city living. We believe that long-term, professional ownership within the residential sector is a key element for increasing housing supply in the areas that need it most. We are delighted to have completed our first financing with Investec and hope that this will lead to many more opportunities to work alongside their excellent team.”
Image provided by FTI Consulting.
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