UK: Get Living has secured a £110 million investment facility with Rothesay to refinance its New Maker Yards scheme in Greater Manchester.
The deal is Get Living‘s largest financing facility to date outside of London, and its first with Rothesay.
Located on the Salford-Manchester border, New Maker Yards has 821 units with 1,600 residents. As at the end of January 2024, the canal-side development was 96 per cent occupied.
Dan Greenslade, CFO at Get Living, said: “We are delighted to have Rothesay on board at New Maker Yards. Securing a financing partner of this calibre is testament to the strength of the offer at the neighbourhood and reflects long-term confidence in the wider BTR sector. Demand for high-quality, professionally managed homes for rent in the UK’s regional cities is only set to increase as people of all demographics seek a better rental experience.”
Harish Haridas, head of commercial real estate debt at Rothesay, said: “Rothesay’s investment strategy is focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders. Our dedicated in-house investment team enables us to find the right type of opportunities, like New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society. We’re pleased to finance this development which will support prime rental and commercial opportunities within a vibrant new neighbourhood in Greater Manchester.”
