Funding agreed for Renaker’s 50-storey Salford tower 

A pair of US investors have backed the developer’s 559-apartment Colliers Yard scheme in the Greengate area of the city. 

Cortland, a multifamily real estate investment, development, and management company, together with Madison International Realty as funding partner, completed the deal earlier this month. 

As well as more than 550 one- and two-bedroom apartments, the scheme features 25,000 sq ft of amenity space within a three-storey brick podium. The project is under construction, with the core at level 23, and is expected to complete early in 2024. 

The project will be known as Cortland at Colliers Yard. 

“Following a smooth and easy transaction with Cortland, we are excited to welcome them to Colliers Yard and the developing Greengate community of Salford,” said Daren Whitaker, managing director of Renaker. 

“This is an important and exciting further step in the regeneration of the wider Greengate masterplan to deliver an aspirational and new neighbourhood for Salford and Manchester city centre. We can’t wait to see Cortland at Colliers Yard come to life.”  

The Colliers Yard deal sees the number of apartments Cortland has acquired in the final quarter of 2021 rise to almost 1,000. 

Among its other UK assets are a 440-unit build-to-rent property in Birmingham and a 367-unit BTR community in Watford. 

“We are thrilled to be entering the Manchester market with Cortland at Colliers Yard,” said Owain Thomas, senior director of Europe at Cortland. 

“We look forward to working with Renaker to realise a truly exceptional BTR asset in a key location, offering unmatched customer service and an unparalleled level of private amenity for our residents.” 

Cortland, which has UK offices in Leeds and London, acquired Qdime Group in September. 

Qdime is a residential property management company with more than 30,000 units under management.  

Alex Lukesch, managing director at Madison International Realty, Cortland’s partner in Cortland at Colliers Yard, said, “We believe the UK residential rental market is supported by several strong tailwinds including a significant supply/demand imbalance and rising house prices.  

“While there has been substantial investment in London, we think there are exciting opportunities across the country’s major cities where the same supportive dynamics are at play, which are also seeing strong investment activity. We look forward to working with Cortland to bring forward this high-quality build to rent venture in Manchester as we work together to expand their platform.”