Get Living has secured a £110m investment facility with Rothesay to refinance its New Maker Yards build-to-rent scheme in Salford, Greater Manchester.
The pensions insurance specialist’s deal with Get Living is its first with the developer, and Get Living’s largest financing facility to date outside London.
New Maker Yards is located on the Salford-Manchester border and has 821 homes with 1,600 residents.
As at the end of January 2024, the canal-side neighbourhood was 96% occupied. It offers more than 11,000 sq ft of commercial space along with exclusive resident amenities including the Lock, a new co-working and socialising space.
Dan Greenslade, chief financial officer at Get Living, said: “Securing a financing partner of this calibre is testament to the strength of the offer at the neighbourhood and reflects long-term confidence in the wider BTR sector. Demand for high-quality, professionally managed homes for rent in the UK’s regional cities is only set to increase as people of all demographics seek a better rental experience.”
Harish Haridas, head of commercial real estate debt at Rothesay, said: “Rothesay’s investment strategy is focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders.
“Our dedicated in-house investment team enables us to find the right type of opportunities, such as New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society.”
Cushman & Wakefield, Gibson Dunn, Harneys and BCLP advised Get Living on the transaction.
Photo © Get Living
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