Barings provides financing for MediaCity BtR development
Barings Real Estate Advisers has provided a GBP34.7 million mortgage loan to fund the acquisition of a build-to-rent residential project in Greater Manchester.
The 42-month facility has allowed Atlas Residential and IP Investment Management to acquire the GBP55 million GDV waterfront private rented sector development site in MediaCityUK, Salford, home to BBC North, ITV, Coronation Street, SIS LIVE, the University of Salford, dock10 and over 250 businesses.
The proposed development will consist of 238 residential build-to-rent units totalling 148,240 sq ft as well as 3,907 sq ft of ground floor retail space, and is the fifth PRS property financed by Barings in the last six months.
Chris Bates, Head of Core Mortgage Europe at Barings Real Estate Advisers, says: “This well-located scheme acquired by a high quality commercial partnership between Atlas Residential and IP Investment Management highlights our appetite to provide development finance to well-structured deals in strong markets. It also represents our latest build to rent funding transaction and extends our experience of lending to ‘bed-based’ segments of real estate following a number of deals in the student accommodations and hotel space.”
Barings Real Estate Advisers is part of Barings LLC, one of the world's largest diversified real estate investment managers. The company actively invests in the private and public equity and debt markets. It provides advisory services in core, value-add and opportunistic investments for institutional and other qualified investors worldwide.