Carlyle’s global credit platform has provided Round Hill Capital with a £115m development loan to fund the construction of a 488-unit luxury build-to-rent (BTR) scheme in Manchester.
The Fairfax development, which was acquired via a forward-funding agreement by Round Hill Capital in August 2022, comprises two towers. Olympian Homes is development manager on the scheme and RG Group is the main contractor.
On-site amenities at the scheme include a gym, 24-hour concierge, co-working space and a roof terrace offering panoramic views of the city skyline.
Taj Sidhu, head of Carlyle European and Asian private credit, said: “This is a unique opportunity to fund a large-scale and landmark residential development alongside a highly established living sector investment manager, in what is a prime area of Manchester. Leveraging the resources and experience of Carlyle’s global credit team, the development will deliver the very best of city centre living, with luxury amenities and contemporary design throughout the apartments and communal spaces.”
Tom France, head of UK at Round Hill Capital, added: “Fairfax is our flagship UK build-to-rent scheme, in what is one of our high conviction sectors where we have ambitions to continue scaling our exposure. Carlyle is a blue-chip lender and their support is an endorsement of our vision for the scheme.
“Manchester is one the UK’s most vibrant and dynamic cities which is now firmly established as the UK’s dominant alternative to London. This has underpinned a growing influx of young professionals and students for whom thoughtfully designed rental properties in central locations are highly sought after. With a limited development pipeline, we anticipate strong demand for what will be one of the city’s premier BTR schemes.”
