Barings Real Estate Advisers has agreed a £34.7m mortgage loan to fund Atlas Residential and IP Investment Management’s acquisition of a 238-unit build-to-rent development in Greater Manchester.
The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the waterfront private rented sector development site in MediaCityUK, Salford. The scheme has a gross development value of £55m.
MedaCityUK is home to BBC North, ITV, Coronation Street, SIS LIVE, the University of Salford, dock10 and more than 250 businesses.
The proposed development will consist of 238 units totalling 148,240 sq ft, as well as 3,907 sq ft of ground floor retail space. It is the fifth PRS property financed by Barings in the last six months.
Chris Bates, head of core mortgage Europe at Barings Real Estate Advisers, said: “This well-located scheme acquired by a high quality commercial partnership between Atlas Residential and IP Investment Management highlights our appetite to provide development finance to well-structured deals in strong markets.
“It also represents our latest build to rent funding transaction and extends our experience of lending to ‘bed-based’ segments of real estate following a number of deals in the student accommodations and hotel space.”
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