27 September 2017
Manchester
Reporter: Theo Andrew

JV acquires BtR development in MediaCityUK


A joint venture between Atlas Residential and IP Investment Management (IPIM) has acquired a build-to-rent (BtR) development site in Manchester, from Peel Land & Property, for £55 million.

Located in MediaCityUK in Salford, the site is the first forward-funded BtR development in the area. Opposite the BBC offices, it is just 10 minutes into Manchester city centre.

This is Atlas’s third UK BtR investment, following projects in Birmingham and Southampton.

The 189,204-square foot building will feature 238 apartments over 19 storeys. Work on the site is due to start in October 2017.

This is IPIM’s first investment into the UK private rented sector (PRS), although it has acquired nine student accommodation assets across the UK with a gross domestic value of £160 million.

The investment manager focuses on purchasing value-add and opportunistic properties in student accommodation, healthcare, PRS and hotels in Europe, the US and Australia.

The joint venture will look to replicate IPIM’s US success in the UK, taking advantage of key fundamentals in the market including job growth, good transport links and strong housing demand.

Jonathan Ivory, managing director at Atlas Residential, said: ”We consider MediaCityUK to be a core part of the Greater Manchester regeneration story and by acquiring this asset are pleased to be participating in the success of Peel's impressive master planned vision.”

Selina Williams, investment director at IPIM, said: "The UK PRS sector is a natural progression following our investments in direct-let student accommodation. The calibre of the operator is critical to the success of a PRS investment, and we have every confidence that in Atlas we've found a partner who will be able to capitalise on their longstanding experience in the US to deliver a tenant-focused building in the UK.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion