UK: Invesco Real Estate has acquired a development site with Manchester, and plans to develop a 261-bed PBSA scheme with Alumno.
The site is less than a 10-minute walk from the centre of the University of Manchester campus and a 15-minute walk to Manchester Metropolitan University. It was acquired on behalf of Invesco Real Estate Europe Fund III – SCSp (Europe III) – the third European value-add strategy in succession for the firm.
The 50,000 square foot scheme will provide 207 cluster beds – 52 affordable – and 54 studios. Invesco is targeting an EPC A and BREEAM Excellent rating for the development.
Rob Johnston, managing director, head of investments, UK and Nordics at Invesco Real Estate, said: “The UK’s PBSA market continues to offer strong investment opportunities, particularly in critically underserved cities such as Manchester. We are delighted to have secured this well-located site and look forward to working with Alumno to deliver a high quality product to the market, which will ultimately create value for our investors.”
David Campbell, founder and managing director of Alumno, said: “It is a significant step and highlight for the company to be working on this exciting project, with such an established and well regarded global investment leader, such as Invesco Real Estate. We are looking forward to progressing the project with the Invesco team and delivering a first-class building, our second in Manchester.”
