Get Living has secured a £110m refinancing facility with Rothesay for its New Maker Yards neighbourhood in Salford.
The transaction is Get Living’s first with Rothesay and it is the firm’s largest financing facility to date outside of London.
The New Maker Yards neighbourhood offers 821 homes and at the end of January 2024, the canal-side neighbourhood was 96% occupied.
Dan Greenslade, chief financial officer at Get Living, said: “We are delighted to have Rothesay on board at New Maker Yards. Securing a financing partner of this calibre is testament to the strength of the offer at the neighbourhood and reflects long-term confidence in the wider BTR sector. Demand for high-quality, professionally managed homes for rent in the UK’s regional cities is only set to increase as people of all demographics seek a better rental experience.”
Harish Haridas, head of commercial real estate debt at Rothesay, added: “Rothesay’s investment strategy is focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders. Our dedicated in-house investment team enables us to find the right type of opportunities, like New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society. We’re pleased to finance this development which will support prime rental and commercial opportunities within a vibrant new neighbourhood in Greater Manchester.”
Cushman & Wakefield, Gibson Dunn, Harneys and BCLP advised Get Living on the transaction.
