£110m refinancing deal agreed for New Maker Yards BTR

Situated close to Manchester’s city centre and its universities, Get Living's New Maker Yards is popular with young professionals and students.

Get Living's New Maker Yards in Salford | Rothesay | BTR News
Get Living's New Maker Yards in Salford.

Build to Rent operator of large-scale residential neighbourhoods – Get Living – secures a £110m investment facility with the UK’s largest pensions insurance specialist – Rothesay – to refinance its New Maker Yards Build to Rent neighbourhood in Salford, Greater Manchester.

The successful transaction represents Get Living’s first with Rothesay and its largest financing facility to date outside of London, as demand for Build to Rent continues to grow within major regional cities. Cushman & Wakefield, Gibson Dunn, Harneys, and BCLP advised Get Living on the transaction.

“We are delighted to have Rothesay on board at New Maker Yards. Securing a financing partner of this calibre is testament to the strength of the offer at the neighbourhood and reflects long-term confidence in the wider Build to Rent sector. Demand for high-quality, professionally managed homes for rent in the UK’s regional cities is only set to increase as people of all demographics seek a better rental experience.”

Dan Greenslade, Chief Financial Officer, Get Living

Located on the Salford-Manchester border, New Maker Yards includes 821 homes with 1,600 residents. At the end of January 2024, the canal-side neighbourhood was 96% occupied. The scheme also offers over 11,000 sq ft of commercial space along with amenities including The Lock, a new co-working and socialising space.

“Rothesay’s investment strategy is focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders. Our dedicated in-house investment team enables us to find the right type of opportunities, like New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society. We’re pleased to finance this development which will support prime rental and commercial opportunities within a vibrant new neighbourhood in Greater Manchester.”

Harish Haridas, Head of Commercial Real Estate Debt, Rothesay

This financing deal follows a recently completed deal for Get Living’s Portlands Place scheme in East Village, Stratford. In April 2023, Get Living also welcomed Australian superannuation fund Aware Super as a shareholder, with its purchase of a 22% stake in the business. Aware Super joined Get Living’s other long-term institutional investors, APG and DOOR.

In addition to its three operational neighbourhoods at East Village in Stratford, Elephant Central in London and New Maker Yards in Salford, Get Living has a secured pipeline of an additional 6,500 homes in major urban centres across the UK, including Birmingham and London.