Investment manager Europa Capital has acquired a PRS development in the Greater Manchester area in the UK from residential developer Renaker on behalf of its pan-European value-add fund, Europa Fund V.
The forward funding deal was carried out with Europa’s joint venture partner, US multifamily operator Atlas Residential, which will manage the property when it completes in early 2019. Financial details were not disclosed.
The development, 100 Greengate, is set to be the tallest building in the city of Salford when it completes in early 2019. The 44-storey tower will comprise 349 units across 380,000 sq ft (35,300 m2), including one-, two- and three-bedroom apartments.
Hugo Black, partner at Europa Capital, commented: ‘This acquisition not only builds on our existing track record in UK PRS but presents a compelling opportunity to invest in one of the fastest growing cities in the UK with a thriving economy and an expanding population. There is a significant demand for new homes in the city and we look forward to working closely with Atlas Residential to bring an attractive residential product to the market in wider Manchester.’
Europa Capital has invested in or developed over 7,000 bed spaces across PRS and student accommodation in key UK and Continental European locations since 2012. Atlas Residential has acquired and managed over 70,000 apartments in the US and established a UK residential platform of 851 units to date.