Urban Splash teams up with Grosvenor for acquisition spree 

The Manchester-based developer has signed a £10m funding deal with the real estate giant to buy land and assets across the country. 

Urban Splash is aiming to grow its portfolio, which currently comprises 5,000 homes and 500,000 sq ft of commercial floorspace. 

It is understood that the partnership’s first acquisitions, due to be announced in the coming months, will be in Manchester. 

Rachel Dickie, executive director of investment at Grosvenor Property UK, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners.  

“Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.” 

Grosvenor recently launched a £120m residential debt strategy and provided DWS Group with a £33m senior debt facility to build 316 rental homes in Bath. 

The move signals an expansion of the property company’s regional presence, which includes the 42-acre Liverpool ONE.   

Nathan Cornish, director at Urban Splash, said: “We are proud to make this announcement and form a new venture, it will allow us to acquire more development sites so that we can add to our ever-increasing pipeline.”  

“We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.” 

The Grosvenor deal comes less than a year after Urban Splash announced a £43.5m refinancing deal of its commercial portfolio with Aviva.