Round Hill Capital is forward funding Olympian Homes’ £165m Manchester BTR scheme.
The $13bn US-based real estate investor and manager said the 488-apartment scheme was the start of a new partnership with Olympian Homes, and “the first of many forward funded investments”.
It added that it was looking to “strengthen partnerships and capitalise on growing investor appetite and consumer demand for quality BTR assets in major UK cities”.
The joint venture with Olympian Homes will be forward funded on a fixed price development contract.
The project will serve as the gateway to the Portugal Street East masterplan regeneration area, next to the city’s Piccadilly Station.
Round Hill founder and chief executive Michael Bickford said: “This is a milestone investment for Round Hill Capital in our twentieth anniversary year, and draws on our success in the residential and PBSA markets across the continent to create innovative accommodation solutions.
“Addressing a major supply and demand imbalance in a thriving city with strong capital growth prospects, this flagship project in Manchester demonstrates our ability to identify intelligent investment opportunities and high-performing sectors across Europe with valued partners.”
Tom France, the firm’s head of UK investment, said the scheme would help “to unlock further opportunities in the coming months and years”.
James Lindridge, Olympian’s development director, also implied that the scheme could be the first of many. “We have built a strong relationship with Round Hill Capital while securing this deal and hope to continue to work alongside one another in the future,” he said.
Olympian’s chair and founder, Mark Slatter, added: “We are very pleased to have achieved this major milestone, being our first BTR scheme. We have benefitted from Round Hill Capital’s great deal of experience and understanding – they have proved to be excellent partners.”
Construction on the scheme is due to start in August 2022, with completion targeted for spring 2025.
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