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UK: The Greater Manchester Pension Fund (GMPF) has sold its 50 per cent interest at the Circle Square build-to-rent (BTR) scheme) to its joint venture partner Vita Group.
The undisclosed transaction, which also includes the repayment of GMPF’s mezzanine loan, marks the successful realisation of GMPF’s investment through its Greater Manchester Property Venture Fund (GMPVF), a vehicle established to deliver both financial returns and measurable local economic impact across the city region.
Circle Square features 683 apartments and occupies a prime site next to the University of Manchester and the Oxford Road Corridor, one of Europe’s most concentrated clusters of research, technology and life sciences activity.
Colin Thomasson, executive director and head of UK investment properties at CBRE, said: “Circle Square is one of the defining real estate stories of the North West over the past decade, and this transaction is a landmark moment in its evolution. What has been delivered here is genuinely exceptional: a mixed-use district of real quality and ambition, creating hundreds of new homes and public realm that the whole city can be proud of.”
He added: “GMPF’s decision to back the BTR component of Circle Square through the GMPVF was far-sighted. It is a clear example of how patient, locally committed institutional capital can deliver investment performance and lasting economic benefit at the same time.
“We are proud to have advised GMPF on this realisation, and Vita Group’s continued stewardship of the scheme gives every confidence that Circle Square will go from strength to strength as Manchester’s pre-eminent residential address.”
Vita Group CEO Mark Stott said: “Circle Square has always been about more than development. It is a place we have believed in and committed to from the very beginning, and we are thrilled to now hold the asset outright and to have the opportunity to take Circle Square into its next chapter. Our partnership with GMPF has been excellent throughout. Their commitment to the scheme and to the broader ambitions of the city region has been a genuine asset, and we are grateful for everything that has been built together. We look forward to continuing our relationship and exploring opportunities to work together again in the future.”
Highlights:
- The Greater Manchester Pension Fund (GMPF) has sold its 50 per cent interest at the Circle Square build-to-rent (BTR) scheme) to its joint venture partner Vita Group
- The undisclosed transaction also includes the repayment of GMPF’s mezzanine loan
- Circle Square features 683 apartments and occupies a prime site next to the University of Manchester and the Oxford Road Corridor
