PGIM Real Estate invests in Manchester Life’s Lampwick Quay on New Islington Marina
September 22, 2021
Manchester Life Management Limited will manage the recently completed 213 home private rental development for PGIM Real Estate alongside Manchester Life’s 860 rental homes.
Investment supports Manchester Life’s third development phase across Ancoats and New Islington, and the strategy for multiple investors and developers to maintain regeneration and development momentum in East Manchester.
Today, the Abu Dhabi United Group (ADUG), the investment and development partner of the Manchester Life joint venture with Manchester City Council (MCC), confirmed Lampwick Quay’s sale to PGIM Real Estate, the real estate investment and financing business of PGIM, one of the world’s largest institutional investors. Lampwick Quay will continue to be managed and staffed by the 60-strong Manchester Life Management Limited front of house, maintenance, and lettings teams. This ensures seamless resident experiences and consistency with Manchester Life’s other four rental buildings across the neighbourhood.
Lampwick Quay, which welcomed residents on 1st September, was Manchester Life’s ninth development and the last within Phase Two. The building is already 50% let, which confirms the demand for homes in the neighbourhood.
Marty Edelman, Manchester Life’s Executive Chairman, commented:
“As we commence our third phase of development in the neighbourhood, having PGIM Real Estate, as a long-term real estate investor, commit to Lampwick Quay ensures stable and experienced ownership of the 213-home development.”
Charles Crowe, Head of UK Transactions at PGIM Real Estate says:
“We are delighted to acquire Lampwick Quay for our European core strategy and look forward to partnering with Manchester Life on this development.”
Manchester Life was advised by Squire Patton Boggs, Reside Manchester and KPMG.
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