July 22nd, 2021
Amro Partners has advised on the refinance of award-winning build to rent project The Green Rooms in Salford’s MediaCity, which is operated by Amro Living, our operational platform.
The international business of Federated Hermes has provided a £37.5 million investment loan against the development, representing a significant vote of confidence in the build to rent sector and the asset, which launched in 2020 and is already fully occupied.
The Green Rooms @ MediaCityUK, owned by a fund managed by IP Investment Management, is a BREEAM “Excellent” build to rent development of 238 apartments in the heart of Salford’s vibrant cultural hub. The building, totalling almost 150,000 sq ft of residential living and 4,000 sq ft of ground floor communal space, sits alongside the Manchester Ship Canal, one minute from the BBC headquarters and MediaCityUK’s Tomorrow Building.
Earlier this month, The Green Rooms @ MediaCityUK was awarded all six HomeViews awards, voted by residents, including the coveted Rating of Excellence which is awarded to buildings that have achieved an overall rating of at least 4 out of 5 stars. In 2020, the project was also ranked within UK’s Top 10 National and Regional Developments by HomeViews.
Raj Kotecha, Co-Founder and Managing Director at Amro Partners, said: “We’re pleased to have advised on the refinancing of this landmark building which is already fully occupied despite launching in the middle of the pandemic. The build to rent sector has proved to be incredibly resilient over the last sixteen months and is rapidly becoming recognised among large institutional investors as a mainstream asset class.”
Ben Patton, Head of Real Estate Debt at Federated Hermes, said: “The strength of the product, platform and management team at The Green Rooms is a great fit for our ambitious long term deployment targets to fund sustainable commercial and residential real estate investments.”
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