Federated Hermes has made its first debt investment into build-to-rent with a £37.5m loan for The Green Rooms in Salford’s MediaCityUK.
The 238-flat scheme belongs to a fund managed by IP Investment Management. It is the first BTR scheme from Amro Partners and is operated by the Amro Living platform.
The Green Rooms sits on the Manchester Ship Canal, one minute from the BBC headquarters and MediacityUK’s Tomorrow Building.
Ben Patton, head of real estate debt at Federated Hermes, said: “The strength of the product, platform and management team at The Green Rooms is a great fit for our ambitious long-term deployment targets to fund sustainable commercial and residential real estate investments.”
Raj Kotecha, co-founder and managing director at Amro Partners, added: “The BTR sector has proved to be incredibly resilient over the last 16 months and is rapidly becoming recognised among large institutional investors as a mainstream asset class.”
Amro Partners and Auxilium jointly advised IPIM on the refinancing.
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