Major residential scheme gets £150m funding boost
FUNDING of up to £150m has been secured by joint venture partners Capital & Centric and Henry Boot Developments for the residential-led Kampus scheme in Manchester city centre.
US-based fund Ares Investment Management which has ploughed several billion pounds into projects in the UK is the company behind the deal.
Capital & Centric and Henry Boot become the preferred purchaser of the former Manchester Metropolitan University site measuring 2.3 acres near Piccadilly Station last March.
Manchester City Council approved a strategic framework for the site in June 2015.
The project includes somee 550 homes for the private reented sector on a total space of 500,000sq ft.
It will also include the demolition of the library and the 1960s tower building and the Minshull and Minto & Turner warehouses will be converted into apartments. A hotel is also believed to be part of the plan.
Architects Mecanoo and Shedkm are advising.
This follows the announcement in December by Capital & Centric it had bought Crusader Works, a 200,00sq ft group of mills, in Piccadilly.
Several weeks ago, joint venture between Ares and Property Alliance Group was believed to be close to buying Carlyle Group’s 300,000sq ft office complex at Piccadilly Place, Manchester, for £117m.
Ares and Alliance are also involved in a joint venture partnership on the Trident Business Park at Manchester Airport.
