Moorfield Group, acting for its Real Estate Fund V, struck a £120.90 million forward funding deal to back Glenbrook in the development of 440 residential units in a residential scheme known as Lumina Village in Manchester.
The acquisition completed at the beginning of 2024 but remained the CoStar Impact Awards' top sale/acquisition in the North West because it is a milestone for Trafford's 55-acre Civic Quarter.
The development is less than half a mile from Manchester United’s Old Trafford football stadium and adjacent to Old Trafford cricket stadium.
About the project:
The transaction is structured as a total forward funding received by Glenbrook of £170 million for the total development. Within this, Clarion Housing Group contributed £49.1 million and the remaining sum was contributed by Moorfield Group.
The funding is for the 440 build-to-rent units that are a part of a 639-apartment development that will offer a mix of unit configurations and layout options ranging from apartments to townhouses.
The remaining affordable houses are being developed by Glenbrook with Clarion. It is the fourth development agreement between Glenbrook and Moorfield.
What the judges said:
Chris Cheap, managing director UK regions, Avison Young, said: "The range and scale of this development is both significant and the impressive. This also leads to complexity and the work undertaken by both parties stands out."
Tom Bloxham, chairman and founder, Urban Splash, added: "Glenbrook have succeeded again on getting a major [private rental sector] deal funded in a new part of town."
They made it happen:
Charles Ferguson-Davie, chief investment officer, Moorfield Group; Ian Sherry, director at Glenbrook; Andrew Saunderson, head of UK residential capital Markets, CBRE.