A major new residential scheme in Manchester has received £227 million backing from property investors.
by Rory Butler / January 23, 2023
UK property finance specialist, Precede Capital Partners, and Japanese finance company, Nomura, will finance construction of Downing Living’s new scheme on First Street.
Downing Living, a division of developer and contractor Downing Group, will use the development loan to deliver 1,790 units across three buildings in the city centre, ranging from studios to five-bedroom shared homes.
It hopes the scheme will be net zero by 2038, owing to a variety of sustainability features and its connection to the Civic Quarter Heat Network.
Canadian property investor QuadReal Property Group recently acquired an interest Precede, formerly Précis Capital Partners.
As part of the deal, QuadReal committed up to £1 billion to Precede’s UK development loans.
First Street brings the total value of residential development loans completed by Precede to more than £1.5 billion and marks its first loan in the north of England.
Advising
- Taylor Wessing
- Eversheds Sutherland
- Arcadis
- CBRE
- Longevity Partners
- Hill Dickinson
- DLA
- Brabners
- Linklaters
Phase One is set to complete in August 2024. Phase Two in March 2025.
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