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UK: Developer Forshaw has signed a letter of intent with Canadian private equity firm AND Capital to boost delivery of homes and hotel rooms across the north of England.
Forshaw Land & Property Group will oversee the sourcing of sites, the development, delivery and management of projects. AND Capital Ventures will oversee the raising of institutional capital, investor relations, and fund formation.
The £185 million fund will support residential-led projects including built-to-rent (BTR), private sale and mixed-use projects.
Manchester will be the main focus for the new venture. AND Capital chief executive Teruel Carrasco said: “Manchester is having a moment. This is a city that now behaves like a capital city in its own right, and the capital markets are responding.” We’re seeing sustained institutional demand, a regeneration pipeline measured in the billions, and a genuinely deep talent and development ecosystem. That is exactly the kind of moment that draws private equity groups like ours to want to invest here — and to want to invest in great, proven local operators like Forshaw.”
AND Capital head of capital formation David Chung added: “Forshaw has spent nearly 20 years building the kind of track record that institutional capital wants to underwrite. Pairing that operating discipline with a dedicated institutional capital vehicle gives us a genuine competitive edge in one of the most sought-after regional markets in Europe.”
Lyndon Forshaw, chief executive of Forshaw Land & Property, said: “We have built a strong track record as an SME developer, but access to funding remains one of the biggest challenges facing businesses in our sector. With AND Capital’s support, we will be able to significantly increase both the scale and number of projects we deliver, while expanding into new asset classes. From growing our hotel portfolio to delivering more family housing and larger high-rise developments, this partnership provides the platform for our next phase of growth.”
Current Forshaw projects include a £64.2 million residential tower in Manchester, which is under construction, and Riverside Place, a complex of 814 BTR and private sale apartments in Salford that is currently in the planning process.
Highlights:
- Developer Foresaw has signed a letter of intent with Canadian private equity firm AND Capital to boost delivery of homes and hotel rooms across the north of England.
- Forshaw Land & Property Group will oversee the sourcing of sites, the development, delivery and management of projects.
- The £185 million fund will support residential-led projects of all types including built-to-rent (BTR), private sale and mixed-use projects
