MMU shortlists developers for Aytoun Street
A JV of Capital & Centric and Henry Boot, funded by equity investment from five Premier League footballers is among bidders eyeing up a Manchester city centre site for residential development.
Capital & Centric, in a joint venture with Henry Boot, is one of the shortlisted parties for the 249,300 sq ft site on Aytoun Street, being sold by Manchester Metropolitan University as part of its estates renewal programme. Also shortlisted are CTP and LandProp, the property arm of Ikea. If successful, the company would purchase the site using its investment arm Capital & Centric Investment to develop up to 400 apartments alongside a restaurant and bar.
Liverpool FC footballers Luis Suarez, Jose Enrique Sanchez and Lucas Leiva, alongside Arsenal FC midfielders Santi Cazorla and Mikel Arteta, have all been appointed directors of Capital & Centric Investments. Up to £50m of equity has been raised which will be used to target sites across the North West for residential development.
Capital & Centric Investments aims to generate a return of between 8% to 10% a year and, without using bank debt, hopes to create a £250m portfolio over the coming years. All the investors have been locked in for an undisclosed period, thought to be more than five years.
DTZ is advising MMU.
