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Transactions - DECEMBER 2, 2021

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Cain and PGIM Real Estate agree on U.K. development funding

by Released

Cain International and PGIM Real Estate have agreed to provide a development loan of £191 million (€225 million/$254 million) to finance Union, Vita Group’s new 500,000-square-foot build-to-rent (BTR) development in Manchester, United Kingdom.

Located within a wider £1 billion (€1.2 billion/$1.6 billion) redevelopment site known as St. John’s, Union will create 1,676 beds, comprising 1,545 private rented beds and 131 affordable beds, over two tower blocks, with a mix of studios, duos, trios and quad apartments. Tower 1 is expected to be complete in spring 2024, and Tower 2 is expected to be complete in the summer of 2025. Cain will provide £148 million (€174 million/$197 million) in financing, with PGIM Real Estate providing an additional £43 million (€51 million/$57 million).

Amenities include a library, co-workspace, private dining facilities, an electric pool car program, bike storage and rental scheme, as well as an events space with a program run b

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