Yorkshire firm secures financing deal to develop Manchester skyscraper

The £85m senior debt facility with Deutsche Pfandbriefbank, a leading European specialist bank, will fund the delivery of Angel Gardens, a residential skyscraper.

The £153m development in Manchester city centre covers 520,000 sq ft. and includes 466 rental apartments, opposite Manchester Victoria.

Moda Living, which is based in Harrogate, is a “build to rent” company which develops and operates schemes across the UK.

A spokesman said: “The Angel Gardens scheme will be one of the biggest and highest specification rental developments delivered anywhere in Britain.

“The company recently announced a £115m redevelopment of the former Strathclyde Police headquarters, having secured planning consent for The Lexington, its 304-apartment scheme in Princes Dock, Liverpool. Practical completion of Angel Gardens will be in two phases between 2019 and 2020.”

Tony Brooks, the co-managing director at Moda Living, said: “The potential for institutional investment to help regenerate cities across the North is clear. Taking a long-term approach to housing, where we not just deliver it but operate the buildings, means that renters and local authorities can have the confidence to create genuinely cohesive communities.

“Build to rent will become a vital part of attracting talented workers to our cities and of capturing some of the £50bn of global investment chasing this emerging sector.”

Johnny Caddick, the co-managing director at Moda Living, said: “Having secured a significant pipeline across major UK cities, we are now focusing on delivering a project that we believe will set new expectations for rental housing in Manchester. Renewed support for build to rent from Gavin Barwell, the housing minister, is hugely welcome and we are delighted to have agreed competitive terms with Deutsche Pfandbriefbank.”

Richard Jackson, co-founder of Apache Capital Partners, said the financing was the culmination of many years of work.