New Makers Yard

The scheme is home to 1,600 residents. Credit: via FTI Consulting

Get Living borrows £110m against Salford resi

Rothesay has provided the build-to-rent operator with the facility to refinance its 821-home New Maker Yards scheme at Middlewood Locks.

Get Living has secured £110m from the pension insurance specialist. It is the first time the two institutions have partnered up. The Rothesay deal is also Get Living’s largest facility to date outside of London.

Located on the Salford-Manchester border, New Maker Yards is home to 1,600 residents and is 96% occupied. The scheme also offers more than 11,000 sq ft of commercial space.

The refinancing deal will help support Get Living’s pipeline of 6,500 homes as demand for BTR in regional cities grows.

Dan Greenslade, chief financial officer at Get Living, said: “Securing a financing partner of this calibre is testament to the strength of the offer at the neighbourhood and reflects long-term confidence in the wider BtR sector.

“Demand for high-quality, professionally managed homes for rent in the UK’s regional cities is only set to increase as people of all demographics seek a better rental experience.”

The financing follows a recently completed £150m deal with PGIM for Get Living’s Portlands Place scheme in East Village, Stratford.

In April 2023, Get Living also welcomed Australian superannuation fund Aware Super as a shareholder, with its purchase of a 22% stake in the business.

Harish Haridas, head of commercial real estate debt at Rothesay, said the New Maker Yards deal aligns with the lender’s investment strategy.

“[Rothesay is] focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders.

“Our dedicated in-house investment team enables us to find the right type of opportunities, like New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society. We’re pleased to finance this development which will support prime rental and commercial opportunities within a vibrant new neighbourhood in Greater Manchester.”

Cushman & Wakefield, Gibson Dunn, Harneys, and BCLP advised on the transaction for Get Living.

Your Comments

Read our comments policy

Watch rents go up in order to ‘protect the pensions of their members’. More wealth transfer from young to old.

By Anonymous

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 13,000 property professionals and receive your free daily round-up of built environment news direct to your inbox


Join more than 13,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy.

"*" indicates required fields

Your Job Field*
Other regional Publications - select below