LaSalle Investment Management has agreed to buy 497 build to rent apartments in Salford, Greater Manchester, as revealed by Estates Gazette in February.
It is to pay around £110m for Renaker Build’s Greengate development.
The twin-towered scheme of 21 and 31 storeys was designed by OMI Architects to create a “boutique hotel” feel for future residents.
The first phase of 229 apartments is complete and being marketed by JLL. The second block of 268 units will follow in December 2016.
The deal is the most significant institutional investment into Manchester’s PRS to date. The Homes & Communities Agency provided £35m in build to rent funding for the scheme.
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