Barings acquires Manchester BTR scheme

George Sell George Sell Uploaded 15 September 2021


UK: Barings has acquired The Trilogy, a BTR scheme in Manchester, for £53.5 million.

The asset features 232 one-, two- and three-bedroom apartments, a gym, 24-hour concierge, underground parking for 75 vehicles, bike racks, a communal garden and a resident’s lounge. The vendor was Moorfield, on behalf of Moorfield Real Estate Fund III,

The acquisition forms part of Barings strategy to invest around £300 million into residential property in 2021 and brings its portfolio to 1,130 homes and student properties with 267 beds completed or in development. In January this year it acquired its first PBSA assets, with a £43.8 million deal to forward fund projects in London and Manchester.

Darren Hutchinson, head of real estate transactions at Barings, said: “This acquisition was a unique opportunity to enter the attractive Manchester BTR market through a proven operational asset. Manchester is a market we know well, having previously invested in PBSA and prime office space in the city, and we are confident that the list of major occupiers choosing Manchester as their regional hub will only continue to grow in the months and years ahead, further underpinning the attractiveness of the city for young talent from its universities and creating a deep pool of demand for rental accommodation.”

Ross Netherway, head of origination at Moorfield Group, added: “Having designed and developed the scheme specifically for rent in partnership with Glenbrook, we achieved full occupancy shortly after opening in 2019. This sale concludes another successful investment for MREF III and closely follows the recent disposal of The Forge in Newcastle. Investment in BTR remains a key limb in our wider beds investment strategy, which also includes student, healthcare and senior living.”

Nick Pleydell-Bouverie, head of residential capital markets at Knight Frank, said: “As one of the first purpose-designed and operational build-to-rent assets to have traded in the UK market, The Trilogy represents a landmark transaction for the sector.”

Barings was advised by CMS. Moorfield Group was advised by Knight Frank and Shoosmiths.



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