Pension fund and investor to develop 440 build-to-rent homes in Manchester

Located within Lumina Village, the Podium scheme will form a part of Trafford’s 55-acre Civic Quarter masterplan, which will provide 4,000 new homes close to Manchester United’s Old Trafford football stadium.

At least 95% of the homes will have a minimum Energy Performance Certificate rating of B and net zero carbon will be achieved through a full electrification of the scheme, alongside a biodiversity net gain.

The investment by GMPF was completed through the Greater Manchester Property Venture Fund, which is advised by CBRE.

GMPF has previously funded new housing across the region, including a £100m commitment to Legal & General’s Affordable Housing Fund and a joint venture with Manchester Council’s housing company, This City, to deliver 1,600 affordable homes.

Podium is Moorfield’s third BTR investment in Greater Manchester. Previous schemes include The Trilogy in Castlefield, which was sold in 2021, and Duet in Salford Quays, which was sold in 2022.

Both schemes were part of a portfolio comprising more than 1,000 homes assembled between 2012 and 2017.

Charles Ferguson-Davie, co-chief executive officer and chief investment officer at Moorfield Group, said: “This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate.

“There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.”

Eleanor Wills, chair of GMPF and executive leader of administering authority (Tameside), said: “I am proud that the Greater Manchester Pension Fund, alongside Moorfield, GMCA [Greater Manchester Combined Authority] and Trafford Council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester. 

“The strategy supports the government’s plan to provide much-needed homes that are affordable to young families and those looking to get their first step on housing ladder, while enabling us to secure the pensions of our members.”