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Homes England’s joint venture with European investor and developer makes first acquisition in Manchester
Homes England’s joint venture with Swiss Life Asset Managers and Manchester-based Capital & Centric has made its first acquisition in Manchester.
Homes England’s joint venture with Swiss Life Asset Managers and Manchester-based Capital & Centric has made its first acquisition in Manchester #UKhousingThe Impact & Places Partnership has made its first acquisition in Capital & Centric’s Ferrous neighbourhood in Manchester, a former industrial site on Chapeltown Street.
Ferrous will include 107 rental apartments with a rooftop terrace and resident amenities, including two green pocket parks.
The joint venture has already received planning permission, and construction is expected to start by the end of this year. The first homes are expected to be completed by the second half of 2028.
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This project will be the final part of Capital & Centric’s plan for Piccadilly East – which is transforming a once-underused part of Manchester city centre into a thriving neighbourhood with homes, workspaces and a hotel.
The Impact & Places Partnership, launched in November last year, is expected to build over 2,250 homes across the UK.
The joint venture is projected to invest £860m in residential-led regeneration over the next decade in regions with high housing demand.
Homes England has a 40% stake in the joint venture under the terms of the agreement, while Swiss Life and Capital & Centric take a combined 60% stake.
It is supported by the government agency’s newly launched National Housing Bank (NHB), which aims to drive long-term placeshaping and housing investment.
Operating as part of Homes England, the bank deploys flexible, government-backed finance across funds, platforms and partnerships to unlock housing and regeneration projects, crowding in private capital and accelerating delivery at scale.
Over the next decade, the NHB will invest up to £16bn through debt, equity, and guarantee products. It also aims to attract over £50bn of private capital.
Homes England, the government’s housing and regeneration agency, also uses its land, funding and expertise to unlock opportunities for development and support local leaders in bringing forward sustainable, well-designed communities.
Swiss Life Asset Managers has £259bn of assets under management.
John Moffat, joint managing director at Capital & Centric, said: “By bringing together public and private investment, we are unlocking underused brownfield land and turning it into thriving, sustainable neighbourhoods with long-term social impact.
“This is only the beginning, with further projects set to be unveiled later this year.”
Last month, the chair of the NHB told Inside Housing Living that build-to-rent (BTR) is a “particular priority”. The bank launched with a BTR transaction as its first deal.
Homes England has entered several joint ventures with the private sector over the last few years, including the Habiko affordable homes entity with Muse and Pension Insurance Corporation and the Made Partnership master developer with Barratt Redrow and Lloyds.
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