Barings pays €63m for Manchester BTR scheme
Barings has acquired The Trilogy, a fully stabilized income-producing build-to-rent (BTR) asset in Manchester from Moorfield, on behalf of Moorfield Real Estate Fund III, for £53.5 million (€63 million/$74 million) in an off-market transaction.
The transaction marks Barings’ latest BTR acquisition as part of its strategy to invest approximately €350 million ($414 million) into residential property over 2021. Barings’ living portfolio now comprises in the region of 1,130 residential units and 267 student beds completed or in development.
Developed by Moorfield and launched to the leasing market in 2019, the award-winning scheme offers 232 one-, two- and three-bedroom apartments, together with a range of onsite amenities, including a gym, 24-hour concierge, underground parking for 75 vehicles (including electric charging points), extensive bike racks, a communal courtyard garden and a residents’ lounge.
The pet-friendly scheme is located approximately