Landmark £247m funding deal completes for Select
Select Property Group has announced the completion of a landmark residential build-to-rent funding deal with the Greater Manchester Pension Fund (GMPVF) and consortium of senior lenders – NatWest, Lloyds Bank Commercial Real Estate and Greater Manchester Housing Fund.
The joint venture formed will fund the development of Select’s £247m Affinity Living buildings alongside public realm works at Circle Square in Manchester.
Work has started on site with construction partner John Sisk & Son.
This marks a significant step forward for the Circle Square neighbourhood, which is set to reshape Manchester’s cultural and business scene.
Affinity Living at Circle Square consists of 683 apartments across both 37 and 17 story buildings, as well as shared lounge areas, co-working spaces, supersized gyms and private entertaining spaces.
The buildings have been designed using Select’s ethos of creating apartments people want to live in, together with social spaces that are seen as an extension of their living space.
Mark Stott, chief executive of Select Property Group, said: “This marks a great start to the year for the Group and a huge milestone for both Affinity Living and Circle Square.”
Gareth Conroy associate of GVA, the investment manager for the Greater Manchester Property Venture Fund, said: “This is a key residential project in the city centre which continues GMPVF’s drive to invest in housing projects in Greater Manchester.”
Andy Clarke, relationship director for the NatWest real estate finance team in Manchester, said: “We are excited to be involved in delivering such a strategically important site at Circle Square, Manchester with Select.
Allan MacKenzie, head of Scotland & the North for Lloyds Bank commercial real estate’s private groups team, added: “Build-to-rent will play a pivotal role in providing the housing infrastructure the city’s economy needs to maintain its impressive growth of recent years.”
Greater Manchester Combined Authority lead chief executive for housing, planning and homelessnessSteve Rumbelow said: “We are pleased to be working with other major funders to support the Joint Venture to progress this important and exciting scheme”
The first phase of Affinity Living on the scheme will complete in Q4 of 2020, with full completion scheduled for Q1 2021.
