Winckworth Sherwood advised Vista, the PRS JV between Hermes and Countrywide, on Manchester Waters forward purchase
Thu 05 May 2016
Law firm Winckworth Sherwood has advised Vista, the UK residential property fund established via a joint venture between Countrywide plc and Hermes Investment Management, on the forward purchase of the first phase of Manchester Waters from Rowlinson Constructions for £23 million.
Countrywide plc is the UK’s largest property services group, and Hermes Investment Management is the £23 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly.
Manchester Waters is a 164-unit build-to-rent scheme totaling 96,547 sq ft, located on the south west fringe of central Manchester. Rowlinson Constructions will develop the scheme on the site acquired on a long leasehold from Peel Land & Property.
Manchester Waters is Vista’s second largest PRS scheme following the forward purchase of Baltic Village in Liverpool, which exchanged last year. This phase at Manchester Waters will be the first scheme to be developed at Pomona Island, which is located on the south west fringe of central Manchester, and situated within one of the city’s burgeoning residential urban villages. The site has excellent Metro and transport connectivity to MediaCityUK in Salford Quays and the city centre. Work on the development will start in April 2016.
The acquisition of this phase of Manchester Waters is in line with Vista’s investment strategy of delivery of high-quality, serviced, modern build-to-rent apartments in leading regional locations with a high demand for new housing.
Winckworth Sherwood advised Vista on the forward purchase, including contract negotiations, tax and construction advice.
The Winckworth Sherwood team was led by Real Estate partner Charlie Proddow, with support from partner Andrew Bedford, and solicitor Mariana Opltova. Construction advice was provided by partner Eleanor Kilminster.
Charlie Proddow said: “Manchester has one of the UK’s strongest regional economies and has a particularly robust professional and financial service industries helping to continue its growth trajectory. Manchester Waters is a long-term investment for Vista and falls in line with its strategy of focusing on high-quality, new BTR assets across the UK. We are delighted to be part of that story.”
Winckworth Sherwood has an office in Manchester and in London, and acted for Peel in relation to Manchester Waters.