Summary:
- Grosvenor’s private credit arm provided a £40 million, five-year loan to BauMont Real Estate Capital and Spinnaker Estates for acquiring and refurbishing the 416-bed Ropemaker Court PBSA scheme in Manchester, supporting value-add upgrades to a fully nominated 2012-built asset.
- The financing aligns with Grosvenor’s strategy to partner with quality sponsors, fund projects that enhance housing supply, and promote decarbonisation, offering flexible capital from its own balance sheet to meet partner expectations for speed and clarity.
- BauMont and Spinnaker focus on repositioning legacy PBSA assets in high-demand university markets like Manchester, leveraging targeted capital investment and operational management to create modern, resilient student accommodation; CBRE advised Grosvenor on the transaction.
Original article:
https://benews.co.uk/grosvenor-provides-40m-loan-to-fund-acquisition-of-manchester-pbsa-asset/
