Balfour Beatty Investments, the international infrastructure investor, and AIG Global Real Estate, part of insurer AIG, have today announced financial close for a major build-to-rent development, ‘The Lancastrian’, in the New Cross area of Manchester city centre with a Gross Development Value of c£65 million.
This milestone coincides with the start of construction of the development which will consist of 274 one, two and three bedroom rental apartments across two buildings positioned around a landscaped courtyard. Residents will benefit from a wide range of amenities including concierge facilities, residents’ lounges, a gym, and two roof-top terraces.
The Lancastrian is within a five minute walk of the vibrant and creative Northern Quarter district which offers a range of independent designers, bars and restaurants. It is also within easy reach of Piccadilly Gardens, Market Street and Shudehill interchange for connections to the extensive bus and metrolink service as well as Piccadilly and Victoria Train Stations.
Balfour Beatty Investments acquired the site in January 2016 and secured full planning consent thereafter. The financial close of the deal involved the transfer of the land ownership in full to AIG.
Construction of the development is being carried out by Balfour Beatty with works now underway and residents expected to be moving in during the summer of 2020.
David Swarbrick, Managing Director of UK Investments for Balfour Beatty Investments said, “We are delighted to be working with AIG Global Real Estate on the delivery of this exciting development. The Lancastrian will support the regeneration of the area, providing high class accommodation for residents.”
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Notes to editors:
- Balfour Beatty (balfourbeatty.com) is a leading international infrastructure group. With 30,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
- Our main geographies are the UK & Ireland, US and Far East. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
- Balfour Beatty Investments is an international infrastructure investor operating in the UK and US. We provide the investment capability required to deliver complex infrastructure projects. Over the past 22 years, Balfour Beatty Investments has established itself as one of the largest investors in the PPP industry, building a portfolio of more than 70 projects worldwide, predominantly in the UK and North America.
- In recent years, Balfour Beatty Investments has diversified into new markets including student accommodation, private rental sector housing (multi-family housing in the US) and generation and transmission of renewable energy. The company has most recently expanded its approach from a PPP contractor to a broader developer and investor.
- Balfour Beatty’s UK and Ireland regional construction business is a leading integrator of complex, sophisticated and innovative projects that improve the UK’s and Ireland’s national infrastructure and an experienced provider of local and regional projects that help build lasting communities.