Salford Quays BtR scheme changes hands in £74m deal
Swiss Life Asset Managers has entered the UK residential market, acquiring the 270-apartment Duet from Moorfield Group.
The £73.8m purchase is the first UK acquisition for Swiss Life and its wholly-owned subsidiary Mayfair Capital. The deal generates Moorfield a profit in excess of £20m.
Designed by Sheppard Robson, Duet was forward funded by Moorfield to the tune of £50m under a deal signed in 2017.
The scheme was developed by Glenbrook, which acquired the site from Peel L&P in 2016. Duet completed in 2019.
The Erie Basin development has the highest satisfaction rating of all rental apartments in Manchester on Home Views, a platform for reviewing real estate.
“This purchase is the first of several planned acquisitions,” said Jos Seligman, transaction and fund manager at Mayfair Capital Investment Management.
“Duet is an excellent fit for our thematic focus on high quality modern residential developments that are designed for rental, meet our high ESG standards and provide an attractive demographic profile. As a long-term owner, we will work with JLL as managing agent and the experienced on-site team to maintain the high level of service residents already receive.”
Ross Netherway, head of origination at Moorfield Group, says: “Duet set a new standard for residential properties in Salford Quays. This transaction is our third successful sale of a fully stabilised residential property in the past year and is in line with our value creation strategy.
“We have recently achieved a first close of MREFV, our fifth value-add fund, which will continue to invest in sectors supported by structural drivers such as demographics, societal shifts and technological disruption. In the residential sector, we have added investing in single-family housing and houses in multiple occupation to supplement our successful track record in city centre Build to Rent apartments, purpose-built student accommodation and senior housing.”
CMS and JLL acted for Swiss Life and Mayfair Capital on the deal. Knight Frank and Shoosmiths acted for Moorfield.