Salford’s tallest building sold to European firm

100 Greengate

A landmark building in Salford has been sold for an undisclosed amount.

The city’s tallest residential building has been sold to a European real estate investment manager for an undisclosed sum.

The 44- storey building known as 100 Greengate has been developed for the private rented sector.

It will be made up of 349 homes, including one, two and three bedroom apartments.

Developer Renaker Build has sold the site to Europa Capital with its joint venture partner, Atlas Residential.

The building will offer residents facilities including a gym, a concierge service, residents’ lounge and a rooftop landscaped garden.

The development stands above the Greengate district which is currently undergoing a major redevelopment.

The building is due to be completed early this year.

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.

The completed development in Salford will be managed by Atlas Residential, a US operator, which has acquired and managed over 70,000 apartments in the US and has established a UK residential portfolio.

Hugo Black, partner at Europa Capital, said: “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.”

Jonathon Ivory, managing director at Atlas Residential, said: “We are excited to be extending our management footprint to what will be our second community in Greater Manchester.

“100 Greengate will provide our team with another opportunity to deliver 1st class customer service to future residents seeking a home in this increasingly vibrant city.

“This acquisition is consistent with our theme of participating in urban residential regeneration activity in key cities throughout the UK and we very much looking forward to working with Europa Capital to unlock the value of this property.”

Daren Whitaker, Renaker Build’s managing director, added: “The deal demonstrates the strength of the local market, the extremely high quality of our product and the commitment to the city region that institutional investors are prepared to make.

“It also gives us great confidence as we take forward our plans for the regeneration of the wider Greengate area, which will ultimately create a new destination for locals and visitors alike.”

Ian Scott, national head of build to Rent at Lambert Smith Hampton, which brokered the deal between Atlas and Europa said: “Atlas is a very well-known operator of build to rent stock in America and this is its second deal in Greater Manchester, following the recent acquisition of the Green Rooms in Salford Quays.

“This substantial transaction continues to show how attractive the Manchester residential market is for institutional investors and that Build to Rent is now recognised as a growing and specialist market.

“The size of this deal reflects the strength of demand in Manchester, thanks to aggressive population growth, urbanisation, strong wage growth, increasing graduate retention and a raft of corporate occupiers outlining their plans to move to the city and create new jobs. The suggestion that Manchester is over-supplied is ill-founded – the city is booming and it’s driving significant investor interest.”

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