Europa Capital, the pan-European real estate investment manager, with its joint venture partner, Atlas Residential, has entered into a forward agreement to acquire 100 Greengate, a PRS development in Greater Manchester, from the city’s leading residential developer, Renaker Build. Europa Capital has made the acquisition on behalf of its pan-European value-add fund, Europa Fund V.
The 44 storey residential tower, the tallest building in the city of Salford, will comprise 349 units across 380,000 sq ft, including one, two and three bedroom apartments. The building will offer residents excellent amenities including a gym, a concierge service, residents’ lounge and a rooftop landscaped garden. Construction is due to complete in early 2019.
This is the second PRS scheme to be delivered by Renaker in the city and the development further progresses Salford City Council’s masterplan for the Greengate area, involving the creation of approximately 2,000 new homes, as well as public open spaces and new cultural hubs. The scheme sits within walking distance of Manchester’s central retail district, Harvey Nichols and Selfridges and is in close proximity to Manchester Victoria station.
Europa Capital was an early institutional mover in the residential market and has invested in or developed over 7,000 bed spaces across PRS and student accommodation in key UK and Continental European locations since 2012.
The completed development will be managed by Atlas Residential, a major US multifamily operator, which has acquired and managed over 70,000 apartments in the US and has established a UK residential platform of, to date, 851 units.
Hugo Black, Partner at Europa Capital, commented: “This acquisition not only builds on our existing track record in UK PRS but presents a compelling opportunity to invest in one of the fastest growing cities in the UK with a thriving economy and an expanding population. There is a significant demand for new homes in the city and we look forward to working closely with Atlas Residential to bring an attractive residential product to the market in wider Manchester.”
Ravi Malli, Head of Asset Management at Atlas Residential, commented: “We are excited to be extending our management footprint to what will be our second community in Greater Manchester. 100 Greengate will provide our team with another opportunity to deliver 1st class customer service to future residents seeking a home in this increasingly vibrant city. This acquisition is consistent with our theme of participating in urban residential regeneration activity in key cities throughout the UK and we very much looking forward to working with Europa Capital to unlock the value of this property.”
Daren Whitaker, Renaker Build’s Managing Director, added: “We are delighted to have agreed the forward sale of 100 Greengate to Europa Capital and Atlas Residential. The deal demonstrates the strength of the local market, the extremely high quality of our product and the commitment to the city region that institutional investors are prepared to make. It also gives us great confidence as we take forward our plans for the regeneration of the wider Greengate area, which will ultimately create a new destination for locals and visitors alike.”
For further information, please contact:
Dido Laurimore/ Richard Sunderland/Tom Gough/ Eve Kirmatzis
Tel: 020 3727 1000
Notes to Editors:
About Europa Capital:
Europa Capital is a dedicated real estate investment manager focused on the European markets. We specialise in investment through both equity and debt strategies where we employ our real estate asset management skills and experience to maximise value in all property classes across Europe.
Since its formation in 1995, Europa Capital has collectively raised ten real estate funds and committed to over 130 transactions totalling more than €11.3 billion across 20 European countries.
Europa Capital focusses on delivering compelling risk adjusted returns for a global audience of investors driven by real estate fundamentals spanning value-add, core/core plus and debt investment strategies.
Europa Capital is majority owned by Mitsubishi Estate Co. Ltd, one of the world’s largest real estate groups, which is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com.