Investec backs Realstar
The build-to-rent specialist has been provided with a three-year £22m loan secured against the 171-apartment UNCLE Manchester development, its first deal with the bank.
Described as a prime multifamily scheme in central Manchester’s Granby Row. UNCLE Manchester comprises 171 studio and one-bedroom apartments in the grade two-listed Orient House, a former warehouse building, originally built in the early 20th century.
Sebastian Walley, loan originator at Investec Real Estate, said: “Demand in Manchester for well located, highly amenitised rental homes continues to outstrip supply, driven by Manchester’s population growth, position as the UK’s second city and high employee retention rates.
“UNCLE Manchester is a great example of a regenerated asset that complements the history of the original building while delivering a high quality and much needed product that meets the needs of today’s tenants.
“This is the Real Estate team’s first transaction with Realstar, a UK leader in the BTR space who join our global network of over 150+ clients.”
The Granby Row project was launched in 2017 as the UNCLE brand’s first in the city.
Chief executive Ryan Prince, who set up Canadian-founded Realstar’s UK operation in 2002, added: “Cities are the heart and soul of our world and that is why Realstar continues to invest in high quality city living. We believe that long-term, professional ownership within the residential sector is a key element for increasing housing supply in the areas that need it most.
“We are delighted to have completed our first financing with Investec and hope that this will lead to many more opportunities to work alongside their excellent team.”
