Citra launches first homes in Manchester with Broadside acquisition
Citra Living, part of Lloyds Banking Group, has acquired the Broadside development on Oldham Road, Manchester, for an undisclosed sum from Corebridge Real Estate Investors (CREI).
Completed in 2020, the Broadside scheme is comprised of 274 apartments and two retail units spread across two separate eight- and 10-storey blocks.
The one-, two- and three-bed apartments are in the popular neighbourhood of New Cross, next to Ancoats and the Northern Quarter, which are home to many of the city’s most popular bars and restaurants, all within walking distance of the city’s main railway stations, Manchester Victoria and Piccadilly.
All units are fully occupied with residents now becoming Citra customers.
Broadside boasts electric vehicle charging points and a bike storage area to support sustainable travel.
Residents also benefit from a 24-hour concierge service, lounge and co-working space, plus a fitness studio and two communal rooftop terraces.
With the completion of this transaction, Citra’s portfolio stands at around 4,300 homes around the UK, of which 2,500 are delivered and occupied.
Andy Hutchinson, chief executive of Citra Living, said: “This acquisition represents another step in the evolution of Citra’s strategy and customer offerings. It adds significant size and choice, in an important location, to our growing portfolio.
“While our focus remains on additive acquisitions, those that grow the availability of much needed rental homes in the places people want them, the secondary market is a developing one and one we will continue to explore to broaden the mix of property types and locations we can offer.”
Brenda Monaghan, managing director at CREI, said: “CREI is pleased to realise the Broadside investment following the development and stabilisation of the asset.
“Building on its success in the US multifamily sector, CREI commenced investing in the European living sector in 2015 and to date has invested in 17 properties involving circa 7,000 beds/units.”
CBRE acted for Citra. JLL acted as advisors to Corebridge.
