JV makes first play with acquisition of Manchester BTR scheme

UK: The Impact&Places Partnership has bought the Ferrous build-to-rent (BTR) project in Manchester for an undisclosed price from developer Capital&Centric.

The deal is the first for the joint venture, which comprises Swiss Life Asset Managers, Homes England and Capital&Centric, and is expected to deliver more than 2,250 new homes across the UK.

The former industrial site on Chapeltown Street will receive a share of the Impact&Places Partnership’s projected £860 million of investment into residential-led regeneration over the next decade in regions with high housing demand.

Ferrous will comprise 107 BTR apartments with a resident rooftop terrace, two green pocket parks and The Cabin – a space for F&B residencies, pop-ups, and parties.

John Moffat, joint managing director of Capital&Centric, said: “This is a landmark moment for us to be putting our plans into action and getting on with delivering high quality homes in places that need them most. By bringing together public and private investment, we are unlocking underused brownfield land and turning it into thriving, sustainable neighbourhoods with long-term social impact. This is only the beginning, with further projects set to be unveiled later this year.”

Simon Century, chief executive officer of the National Housing Bank, added: “Collaboration between different organisations is essential to creating the new homes and thriving places that people want and need. We realise the greatest positive impact for communities is only achieved by working alongside partners, including Swiss Life Asset Managers and Capital&Centric, who share our mission to increase the supply of quality rental homes and drive regeneration.”

“Joint ventures like the Impact&Places Partnership exemplify the ambition of our newly launched National Housing Bank to unlock projects and accelerate delivery at scale. This first project in Manchester demonstrates our ongoing efforts to deliver for communities across the country,” he added.

Jan Plückhahn, head of real estate at Swiss Life Asset Managers, said: “Ferrous is a strong start for our Impact&Places housing partnership and reflects Swiss Life Asset Managers’ long-term commitment to high quality homes and vibrant neighbourhoods. Together with our partners, we’re focused on unlocking urban potentials to create impactful places as well as long-term value for our clients and local communities.”

Highlights:

• The Impact&Places Partnership has bought the Ferrous build-to-rent (BTR) project in Manchester for an undisclosed price from developer Capital&Centric
• The JV comprises Swiss Life Asset Managers, Homes England and Capital&Centric, and is expected to deliver more than 2,250 new homes across the UK
• Ferrous will comprise 107 BTR apartments with a resident rooftop terrace, pocket parks and a space for pop-up F&B