Citra acquires stabilised Manchester BTR scheme

Corebridge Real Estate Investors has sold the 274-apartment Broadside on Oldham Road.

Citra Living, backed by Lloyds, has acquired the four-year-old Manchester build-to-rent scheme for an undisclosed sum.

The development comprises two blocks of eight and 10 storeys either side of Goulden Street and was designed by Hodder + Partners.

The Manchester deal sees Citra’s UK portfolio expand to 4,300 homes. Of these, 2,500 are delivered and occupied.

Andy Hutchinson, chief executive officer 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.”

Citra recently acquired 159 homes across schemes in Kirkham and Northampton from Morris Homes.

Corebridge Real Estate Investors, formerly known as AIG Global Real Estate, acquired the Broadside from Balfour Beatty in 2018.

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 advised Citra and JLL advised CREI.