Get Living Secures £110 Million Investment for New Maker Yards in Greater Manchester

Get Living Secures £110 Million Investment for New Maker Yards in Greater Manchester

(IN BRIEF) Get Living, the UK’s leading build-to-rent operator, has finalized a £110 million investment facility with Rothesay to refinance its New Maker Yards neighborhood in Salford, Greater Manchester. With over 821 homes and 1,600 residents, New Maker Yards boasts a high occupancy rate of 96% and offers various resident amenities, including a co-working and socializing space called The Lock. This financing marks Get Living’s largest facility outside of London and demonstrates the growing demand for build-to-rent properties in major regional cities. The investment reflects confidence in the rental sector’s long-term prospects, especially in providing high-quality, professionally managed homes. The transaction follows Get Living’s recent partnership with Australian superannuation fund Aware Super and underscores its commitment to expanding its portfolio across the UK.

(PRESS RELEASE) LONDON, 22-Mar-2024 — /EuropaWire/ — Rothesay has agreed to provide a £110 million investment facility for Get Living, the UK’s leading build-to-rent operator of large-scale residential neighbourhoods. The investment is to refinance Get Living’s New Maker Yards neighbourhood in Salford, Greater Manchester.

Harish Haridas, Head of Commercial Real Estate Debt at Rothesay, said: “Rothesay’s investment strategy is focused on securing high-quality, long-term assets to protect the pensions of our almost one million policyholders. Our dedicated in-house investment team enables us to find the right type of opportunities, like New Maker Yards, which deliver predictable returns while also supporting wider stakeholders and society. We’re pleased to finance this development which will support prime rental and commercial opportunities within a vibrant new neighbourhood in Greater Manchester.”

Cushman & Wakefield, Gibson Dunn, Harneys, and BCLP advised on the transaction for Get Living.

In addition to its three operational neighbourhoods at East Village in Stratford, Elephant Central in London and New Maker Yards in Salford, Get Living has a secured pipeline of an additional 6,500
homes in major urban centres across the UK, including Birmingham and London.

About Get Living
Get Living is the UK’s leading build to rent investor, developer and operator. We provide quality rental homes in neighbourhoods that nurture togetherness, belonging and opportunity in a way that generates financial, environmental and social value for residents and shareholders alike.

Since the business was founded in 2013, Get Living’s portfolio has grown to 4,000 homes for rent across three neighbourhoods: East Village and Elephant Central in London and New Maker Yards at Middlewood Locks, Manchester. Further neighbourhoods are planned or under construction in Lewisham, Maidenhead, Birmingham, Leatherhead, Leeds and Glasgow delivering 6,500 homes; with ambitions to grow the portfolio to 12,500 homes within the next five years.

www.getliving.com

About Rothesay
Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £60 billion of assets under management, we secure the pensions of more than 934,000 people and pay out, on average, approximately £200 million in pension payments each month.

Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including Asda, British Airways, Cadbury’s, the Civil Aviation Authority, the Co-operative Group, National Grid, Morrisons and telent.

Rothesay has two substantial institutional shareholders, GIC and Massachusetts Mutual Life Insurance Company (“MassMutual”), who provide the company with long-term support for its growth and development.

Rothesay refers to Rothesay Limited and its subsidiaries and is the trading name for Rothesay Life Plc, an insurance company authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number: 466067. Rothesay Life Plc is registered in England and Wales with company registration number: 06127279 and registered address: Rothesay Life Plc, The Post Building, 100 Museum Street, London WC1A 1PB. Further information is available at www.rothesay.com

Media Contacts:

Get Living:
getliving@fticonsulting.com

Rothesay
Anthony Marlowe
Head of Communications & Public Affairs
+44 (0)7912 550184
anthony.marlowe@rothesay.com

Temple Bar Advisory:
Alex Child-Villiers
+44 (0)7795 425580

Sam Livingstone
+44(0) 7769 655437
rothesay@templebaradvisory.com

SOURCE: Rothesay