Legal & General Investment Management is understood to have exchanged contracts to buy one of the towers within Renaker’s 1,500-apartment Owen Street development, currently under construction in Manchester.
The scheme, known as Deansgate Square, is divided across four towers of between 37 and 64 storeys, designed by SimpsonHaugh. Renaker is on site building the first and third-highest; a 44-storey tower which recently topped out, and the 64-storey element which will be one of the tallest residential properties in the UK. Groundworks are also beginning on a third tower.
It is the 44-storey skyscraper, which has a development value of £200m, which has been purchased by L&G. The investor, which already has a strong presence in Manchester due to its work with English Cities Fund at New Bailey, is understood to have exchanged contracts on the sale earlier this week.
L&G is set to operate the building, which totals 350 flats, through its build-to-rent arm.
L&G and Renaker have been contacted for comment.