U.K. developer forms JV with KKR

Relentless has formed a joint venture with KKR to deliver the St. Michael’s development in central Manchester, England. Initial work on the site is expected toward the end of the year in the commercial phase of the project.

The joint venture, KKR’s first real estate investment in Manchester, will combine Relentless’s local knowledge and operational expertise with KKR’s capital and resources to deliver a best-in-class office space and new public realm for the city. The plans include significant investment in the latest green technology to create a 200,000-square-foot sustainable building, which reflects changes to working practices and has the health and well-being of its occupiers at the forefront of the design. KKR’s investment was made through its $2.2 billion second dedicated European real estate fund, KKR Real Estate Partners Europe II.

The first phase of development will see the former Bootle Street City Police Headquarters brought back to life and the r