Urban Splash completes sale of Manchester residential portfolio to Places for People
Award winning regeneration company Urban Splash has sold a further 128 residential PRS units from its Manchester portfolio to Places for People in a deal with a GDV of over £20m.
The news comes just 12 months after the £77m sale of a residential portfolio of 654 units by Urban Splash to Places for People – one of the UK’s largest residential property development, management and regeneration companies.
Speaking of the deal, Places for People Group Chief Executive David Cowans said: “We are committed to becoming very significant PRS investors and this was an off-market opportunity to acquire a great portfolio from a very experienced operator which we wanted to seize.”
As with the £77m deal last year, terms of this latest sale will see Urban Splash maintain its role as property manager meaning minimal disruption for tenants. The sale includes properties around the city centre at developments such as the Box Works, Moho, Timber Wharf, Burton Place, Budenberg, Chips and Christabel.
Tom Bloxham MBE – Chairman of Urban Splash – concluded: “We have been delighted with the results of working with Places for People.
“Yields are increasing and we are making a significant number of retail sales for PfP so it has been pleasing to see their endorsement of our strategy with this additional acquisition. My thanks to my colleague Simon Gawthorpe who led on this deal on behalf of Urban Splash.”
Gorvins acted for Urban Splash and Bevan Brittan acted for Places for People in the transaction.
Since their initial deal in 2013, Urban Splash and PfP have also established a joint venture working partnership which has seen them commence work on the second phase of development at Park Hill in Sheffield.