The Australian fund manager has exchanged contracts with London-based investor Long Harbour in a deal to acquire the 19-storey Skyline apartment building on the edge of Manchester’s Northern Quarter.
The build-to-rent development comprises 129 apartments and is located opposite the recently completed Hampton by Hilton hotel on Rochdale Road.
L1 Capital, based in Melbourne and founded in 2007, operates five funds in total, including the L1 Capital UK Residential Property Fund, under which it will buy Skyline.
The fund, established in 2017, seeks to invest in fully tenanted blocks of flats in cities outside London including Birmingham, Leeds, Manchester and Sheffield.
L1 Capital’s UK property fund is managed by directors Joel Arber, David Lamm, Rapheal Lamm and Han Kee Gan.
Savills is representing Long Harbour on the deal.