International law firm CMS has advised Barings, one of the world’s largest diversified real estate investment managers, on behalf of one of its managed accounts, on the financing for a PRS development project in the U.K. Financing of £35.2 million was provided for the development of a build-to-rent apartment project in Manchester.
The property is adjacent to the Cornbrook Metrolink Station, and upon completion, will consist of 280 apartments, including 93 one-bed, 172 two-bed, and 15 three-bed homes. The property will include a residents’ lounge and garden areas, as well as a gym and yoga studio, all located on the top floor of the development, with convenience retail at the ground floor. Construction commenced in August 2018 and completion is expected in October 2020.
Real Estate Finance partner Andrew Besser and Real Estate partner Mark Haywood jointly led the CMS team in both London and Manchester. Andrew commented: “We are proud to advise on such a transformational project for the Manchester community and look forward to watching it come to fruition over the next year.”
The CMS team also included Stephanie Flynn, Anisha Bhatt and Laurie Carrette (Banking); Purva Arora (Real Estate); and Karen Cossar (Construction).