KKR buys Slate Yard for £100m+

The private equity giant has acquired the 424-apartment development in Salford’s New Bailey from Legal & General.

L&G placed the scheme on the market in September last year, appointing Knight Frank to find a buyer, with an asking price of £110m.

Place understands that the sale process has now been concluded. CBRE represented the buyer.

Delivered by ECF, L&G’s joint venture with Muse and Homes England, Slate Yard was designed by AHR Architects and constructed by Morgan Sindall Construction.

Slate Yard’s first tower was completed in 2017, representing the start of L&G’s drive into the BTR market.

On launching the search for a buyer in September, L&G’s Dan Batterton said that the sale will reallow for reinvestment into the BTR sector to create more new homes.

L&G has become one of the most active participants in the market, both in Greater Manchester and elsewhere. The investor opted to retain the Renaker-developed North Tower at Manchester’s Deansgate Square last year, while other projects include funding a £57m scheme around Leeds’ Tower Works.

KKR declined to comment.