UK: Barings is providing £65 million (€76.3m) on behalf of a pan-European real estate strategy to forward-fund the St Gabriel’s Hall development on Oxford Place in Manchester.
Developer McLaren Property will deliver two new PBSA blocks and the part-refurbishment of two heritage buildings, delivering 319 student rooms and amenity space. Completion is expected in the summer of 2025.
Ben Pile, head of European residential investment and asset management at Barings, said: “St Gabriel’s Hall will be the fourth PBSA scheme to be delivered by Barings in the UK on behalf of our capital partners – and the second in Manchester. Given the continuing supply-demand imbalance for PBSA in Manchester, St Gabriel’s Hall will provide an attractive proposition to students who will find the mix of quality specification, extensive amenity spaces and attractive landscaped grounds, proximity to world-class institutions, and excellent transport links very appealing.”
John Gatley, CEO of McLaren Property, said: “Student accommodation is attracting strong investor appetite, amidst what is otherwise a challenging funding backdrop, and we anticipate this will continue due to the resilience of our sector.”
