Atlas Residential and IP Investment Management have bought a £55m residential rental development in MediaCityUK, Salford, from Peel Land & Property.
The acquisition is the first in partnership with IPIM, a Hong Kong-headquartered investment manager of private equity real estate funds. The pair said they intend to buy more sites.
IPIM’s funds focus on opportunistic and value-add investments in alternative sectors including student accommodation, healthcare, PRS and hotels in Europe, the US and Australia. To date its has funded nine student schemes in the UK with a GDV of more than £160m.
Adjacent to the BBC site, the 238-flat scheme is Atlas’ third acquisition and its first since Dominic Martin joined from Westrock. It entered the UK residential market in 2015 when it bought its first scheme with Rockspring Investment Management in Southampton and has since bought another in Birmingham.
Bouygues UK is the contractor and Peel will act as the developer.
Selina Williams, investment director at IP Investment Management said: “We have been monitoring the UK PRS sector for some time, to identify the right operator partner and a site that meets our investment criteria for our first acquisition.”
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