London, UK - Global investment firm Carlyle’s (NASDAQ: CG) Global Credit platform has provided Round Hill Capital, a leading global specialist real estate investor, developer and manager, with a £115 million development loan to fund the construction of Fairfax, a 488-unit luxury build-to-rent (“BTR”) scheme in Manchester, UK. It represents the first transaction between the two parties.
The Fairfax development, which was acquired via a forward funding agreement by Round Hill Capital in August 2022, comprises two towers totaling 488 one-bed and two-bed high quality apartments. Residents will benefit from exceptional amenities including a gym, 24-hour concierge, co-working space and roof terrace with panoramic views of the city skyline.
Serving as the gateway to the Portugal Street East masterplan regeneration area, the scheme is ideally located within a five minutes’ walk from Manchester Piccadilly station with Manchester city centre less than a kilometer away.
Specialist BTR developer Olympian Homes is the development manager on the scheme, with RG Group serving as the main contractor. Ground works have been completed, with the concrete cores well progressed.
Manchester has experienced significant demographic growth, with the city’s population growing by 10% and employment by 28% over the past decade. With new housing supply struggling to keep up with demand, rents increased by 13% year-over-year as of June 2023, which was the highest of the UK’s Big Six regional cities. A recent CBRE report ranked Manchester as the UK’s top growth city for BTR, reflecting demographic shifts and affordability challenges in the for-sale market.
Source: Press release on 6 Feb