Urban Splash invests £15m in portfolio expansion
The regeneration company has purchased 67 fully-occupied homes across Manchester and Salford.
The Urban Splash Residential Fund has invested £15m in off-market acquisitions, expanding the number of homes in its portfolio by 41% to 437.
Acquisitions include terraced homes at Chimney Pot Park in Salford, as well as a number of apartments at 3Towers in Manchester.
These recent purchases add £1.3m of income to the fund’s rent roll and follow the signing of a £20m revolving credit facility with Barclays.
Fund manager Akeel Malik said: “2023 has been a significant year of growth for us; we are moving forward with acquisitions and offering more people the chance to live in brilliantly designed homes in cities across the country.
“We are focusing on off-market higher yielding acquisitions in the current macroeconomic environment, whilst preserving rent-to-income levels of less than 30% for our residents (currently 22%)”.
Among this wave of acquisitions, the company also acquired 112 apartments at East Street Mills in Leeds.
The Urban Splash Residential Fund was established in June 2017 to acquire design-led homes in urban regeneration areas across the UK. So far, the fund has acquired sites across the North West in Prestwich, New Islington in Manchester, and Altrincham.
Malik said: “Our portfolio of differentiated homes is well positioned for modern living with flexible, spacious interiors, access to outdoor spaces, and strong connectivity.
“We remain committed to offering residents well-designed mid-market homes, at rental levels that preserve an average rent-to-income ratio of <30%.”
Gorvins acted on behalf of the fund. Pinsent Masons acted on behalf of the vendors.