Round Hill Capital has formed a joint venture with British developer Olympian Homes to deliver a build-to-rent (BTR) scheme in central Manchester.
Round Hill Capital agrees a £165m forward funding deal with Olympian Homes for the development.
The new Manchester scheme will deliver 488 Build to Rent homes and will serve as a gateway to the Portugal Street East masterplan regeneration area in the Northern Powerhouse city, which is benefitting from investment into the HS2 train service.
The development will also address the significant supply/demand imbalance for quality Build to Rent housing in the Northern Powerhouse. Construction is due to start in August 2022, with completion targeted for Spring 2025.
Round Hill Capital’ said the transaction also marks its 20th anniversary year, as the firm looks to strengthen partnerships and capitalise on growing investor appetite and consumer demand for quality Build to Rent assets in major UK cities.
“We are excited to be announcing our Build to Rent investment with Olympian Homes, an exemplary developer with outstanding track record, and together we will create a flagship asset in the UK. Our exceptional investment, development and property management expertise, authentic local perspective and deep market insights help us to identify strong regional UK cities such as Manchester, and will allow us to unlock further opportunities in the coming months and years,” said Tom France, Head of UK Investment, Round Hill Capital.
“This is a milestone investment for Round Hill Capital in our 20th anniversary year and draws on our success in the residential and PBSA markets across the continent to create innovative accommodation solutions. Addressing a major supply/demand imbalance in a thriving city with strong capital growth prospects, this flagship project in Manchester demonstrates our ability to identify intelligent investment opportunities and high performing sectors across Europe with valued partners,” said Michael Bickford, Founder and CEO, Round Hill Capital.