UK private equity fund manager Moorfield is to fund its second PRS scheme with Glenbrook.
Following the pair’s development in Liverpool, the Keel (pictured), they will back the £40m Ellesmere Street scheme in Manchester city centre.
Ellesmere Street was granted planning in April for 232 homes across three buildings of between eight and 12 storeys.
Charles Ferguson Davie, chief investment officer at Moorfield, said: “Brexit has created much uncertainty but Moorfield is committed to the build-to-rent sector and has a pipeline of exciting opportunities with an aim to build a 2,000-unit platform.”
Construction will start at the end of July, with completion scheduled for summer 2018.
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