Federated Hermes has acquired a proposed two-block scheme in Manchester for an undisclosed sum on behalf of its residential arm Hestia, adding to the first phase it already owns.
Peel L&P opened a public consultation on the second phase of Pomona Wharf last week.
Designed by AHR Architects, the project comprises 162 build-to-rent apartments across blocks of 12 and 14 storeys.
It sits next to the first phase of Pomona Wharf, which completed in 2017.
Both blocks are located within the wider Pomona Island, rebranded by Peel L&P as Manchester Waters.
Pomona Island is a 26-acre swathe of land that sits between the Bridgewater Canal and the Manchester Ship Canal west of the city centre, straddling Trafford, Salford and Manchester local authority areas.
Vista, a fund set up by Hermes Investment Management and Countrywide, bought the 164-home first phase of Pomona Wharf in 2016 for around £23m prior to its completion.
The first phase was then absorbed by Hestia when Federated Hermes – which was created after Federated Investors bought a controlling stake in BT Pension Fund-backed Hermes Investment Management in 2018 – launched the residential division late last year.
Other Hestia assets include The Cargo Building, a 324-unit residential scheme in Liverpool.