UK: Citra Living, the BTR arm of Lloyds Banking Group, has acquired the Broadside scheme in Manchester for an undisclosed sum.
The vendor was Corebridge Real Estate Investors (CREI), formerly known as AIG Global Real Estate, part of New York-listed Corebridge Financial. CBRE advised Citra Living and JLL advised CREI in the deal. CREI originally acquired Broadside in 2018 from Balfour Beatty.
Designed by Hodder + Partners and completed in 2020, the eight- and ten-storey buildings that make up the scheme include two retail units and 274 BTR homes in a mix of one-, two- and three-bedroom apartments. The buildings are positioned around a landscaped courtyard. Amenities at the New Cross scheme include a fitness studio, two rooftop terraces, a lounge, coworking space, 24-hour concierge service, bike storage and EV charging points.
Andy Hutchinson, chief executive of Citra Living, said: “This acquisition represents another step in the evolution of Citra’s strategy and customer offerings. It adds significant size and choice, in an important location, to our growing portfolio. While our focus remains on additive acquisitions, those that grow the availability of much needed rental homes in the places people want them, the secondary market is a developing one and one we will continue to explore to broaden the mix of property types and locations we can offer.”
Brenda Monaghan, managing director of CREI, added: “CREI is pleased to realise the Broadside investment following the development and stabilisation of the asset. Building on its success in the US multifamily sector, CREI commenced investing in the European living sector in 2015 and to date has invested in 17 properties involving circa 7,000 beds/units.”
