Legal & General has exchanged contracts on the West Tower in Manchester’s Deansgate, bringing the firm’s total of BTR units in the city to some 750.
Deansgate’s West Tower is located in Castlefield, comprising 44 storeys overlooking the River Medlock. It consists of 350 units, 147 car parking spaces and ancillary commercial space.
The acquisition has been made through LGIM Real Assets’ open-ended Build To Rent Fund and Legal & General was advised on this acquisition by CBRE.
Deansgate Square will be Legal & General’s second BTR scheme in Greater Manchester and follows on from Slate Yard in Salford which was 50 per cent let before first occupation.
“As demand for rental accommodation continues to outweigh supply, Legal & General is increasing the scale of its Build to Rent portfolio, UK wide” says Dan Batterton, BTR Fund Manager at Legal & General’s LGIM Real Assets division.
“We are supporting wider urban regeneration through utilising existing local infrastructure and maximising land density in areas where there is a housing shortage. Manchester is the second most populated area in the UK with a particularly diverse economy. The apartment sizes, amenities, specification and affordability across our multiple schemes will allow us to cater for a wide demographic across this varied community.”