LGIM Real Assets (Legal & General) has acquired the West Tower residential scheme in Manchester's Deansgate Square, as part of a strategy to scale up its UK Build to Rent (BTR) portfolio.
Financial details were not disclosed.
Legal & General said it was working closely with architects SimpsonHaugh to make several significant BTR design improvements to the tower. The scheme comprises 350 units over 44 storeys, plus 147 car parking spaces and ancilliary commercial units.
'As demand for rental accommodation continues to outweigh supply, Legal & General is increasing the scale of its Build to Rent portfolio, UK wide,' commented Dan Batterton, BTR fund manager at LGIM Real Assets.
'We are supporting wider urban regeneration through utilising existing local infrastructure and maximising land density in areas where there is a housing shortage. Manchester is the second most populated area in the UK with a particularly diverse economy,' he added.
The deal brings Legal & General’s development pipeline in Manchester to over 750 units.
The acquisition was made through LGIM Real Assets’ open-ended BTR fund.
Legal & General was advised on the acquisition by CBRE.