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The North West


Barings enters UK PRS market with an acquisition of the Keel, Queens Dock in Liverpool, for £46.75 million


The Keel, a Liverpool landmark, is comprised of 240 apartments (425 beds) across 170,500 sq ft arranged over ground and four floors. Formerly Her Majesty’s Revenue and Customs’ (HMRC) Liverpool office, The Keel was recently converted to a high quality mid-market residential apartments. The Keel is attractively positioned on the edge of River Mersey, with residents benefitting from water views, as well as a range of amenities including a manned concierge/reception, on-site gym, 207 car parking and secure perimeter fencing.


The PRS market is rapidly emerging as an institutional asset class in the U.K. and is underpinned by key demographic and structural drivers including a chronic undersupply of housing, which is further exacerbated by declining average household sizes, as well as a significant increase in the number of people renting.


B


arings Real Estate announces that it has entered the UK private rented sector (“PRS”) with the acquisition of a 240 unit multifamily property, The Keel, at Queens Dock in Liverpool, for £46.75 million, from Moorfield Group (”Moorfield”), on behalf of one of their funds. The acquisition also includes an adjacent plot of land which is fully consented for PRS development. The investment has been made as part of Barings’ pan European core investment strategy on behalf of institutional investors.


Liverpool waters make waves


Liverpool Waters, the £5 billion regeneration project, and the city region’s biggest college, The City of Liverpool College have announced a partnership that will provide local students with apprenticeship opportunities on the project’s various developments.


Liverpool Waters which is owned and managed by Peel Land and Property, will regenerate over 60 hectares of Liverpool’s dockland, which spans over 2.3 kilometres of waterfront, starting at Princes Dock and heading towards North Liverpool.


With multiple developments already taking shape, including the residential apartment buildings Plaza 1821 and The Lexington at Princes Dock, as well as international developer Romal Capital’s Quay Central at Central Docks, the demand for skilled apprentices is increasing at a rapid rate.


By forming this partnership, Liverpool Waters’ development partners will have access to The City of Liverpool College’s skilled apprentices, who will in turn benefit from working on one of the biggest regeneration projects in Europe.


Ian Pollitt, assistant project director at Liverpool Waters,


commented: “Working closely with The City of Liverpool College means that we have access to a talent pool of 10,000 local apprentices, which will become invaluable as our project continues to pick up pace“


Elaine Bowker, principal of The COLC, said: “Through this partnership, we are creating opportunities for our students whilst providing these organisations with highly skilled and motivated apprentices.”


52 COMMERCIAL PROPERTY MONTHLY 2018


Darren Hutchinson, Managing Director – Head of U.K. Real Estate Transactions at Barings, said, “This transaction presents a rare opportunity to acquire a well located operating PRS asset in an iconic building on Liverpool’s riverside. We believe there is an opportunity to add value through leasing up the vacant apartments and capturing rental reversion as a number of short term leases in The Keel expire. Barings believes the UK PRS sector, and the regional mid-market sector in particular, is at the beginning of a period of sustained growth. We have extensive experience managing and investing in multifamily properties in the U.S. and our acquisition of the Keel is a great start to our strong ambitions to expand that expertise to the U.K.”


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