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City centre landmarks sold in deal worth almost £400m

Written by on 26/01/2022



Landmark buildings in Manchester, London and Coventry have been sold in a deal worth almost £400m.

Liverpool-based developer and property manager Downing has sold five properties within its portfolio to Greystar Real Estate for £388m.

The properties include River Street Tower in Manchester, Holbrook and Pound Field in London and City Point in Coventry, which together comprise a total of 1,807 student accommodation and build-to-rent beds.

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Greystar plans to operate City Club in Coventry, which includes 100 homes, as housing for young professionals.

Founder of Downing, George Downing said: “We invested heavily to develop these sites to the highest possible standard and are extremely proud of what we have achieved.

“All assets currently have strong occupancy and boast high quality amenities including gyms, cinema rooms and terraces.

“It is a reflection of the quality of these assets and Downing’s approach that we secured such strong interest from large institutional investors.

“We are proud to be setting the standards in terms of design, quality of build and management of these residential schemes and also to be setting the bar in terms of transformational place-making and regeneration.

“This announcement marks an exciting milestone for our business. With over £1bn worth of developments in the pipeline at sites across the UK, the agreement we have reached with Greystar will allow us to look for opportunities to grow our development programme further.”

Ben Mowbray, senior director – UK investment, Greystar, added: “Our growth strategy in the UK is underpinned by strong, long-term market fundamentals.

“With the expectation that the UK’s 18-year-old population is set to grow by 2.
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1% per annum until 2030, Greystar is well positioned to capitalise on increasing demand for high-quality student accommodation.

“Meanwhile, we will be introducing young professional housing to our portfolio in the UK for the first time, which has been very successful in our other European markets.”



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