CDL Hospitality Trusts enters Manchester market

Singapore-based CDL Hospitality Trusts has entered a land-purchase and development-funding deal to invest in a residential build-to-rent project in Manchester, U.K., for £73.3 million (€85 million/$101 million), marking its first foray into an adjacent lodging segment.

Vincent Yeo, CEO of CDLHT’s Managers, said, “The Castings marks our maiden foray into an adjacent lodging space. We are executing on our revised principal investment strategy whereby we are pivoting to amplify our growth by increasing our addressable market. We aim to both achieve enhanced income stability and asset class diversification, which takes us beyond geographical diversification of hospitality assets.”

The seller of the property, Packaged Living (FREOF V Heyrod) LLP, is a joint venture between FREOF V (general partner) LLP and Packaged Living (FREOF V Heyrod PM) LLP, ultimately owned by Fiera Capital Corp. and Packaged Living Ltd., respectively.

Under the deal, the seller will r