International law firm Trowers & Hamlins LLP has advised Angel Gardens Property Company Limited on an £85m senior loan facility with Deutsche Pfandbriefbank AG to finance the development of a landmark 34-storey tower.
The tower comprises 466 premium private rented sector (PRS) apartments in Manchester city centre.
The landmark property, totalling 520,000 sq ft, is a central part of the wider NOMA redevelopment masterplan, which is a 20-acre mixed-use strategic regeneration project opposite Manchester Victoria. The £153m Angel Gardens development will boast state of the art design features including a seven-storey glazed foyer, a cinema room, gym, four restaurants, retail units, and a multi-functional roof terrace, which can be used for five-aside football, tennis or as a yoga practice space.
Angel Gardens is the first PRS scheme to be delivered by Apache Capital Partners, the London and Gulf based private real estate investment management firm, in conjunction with joint venture partner, Moda Living Limited, a leading developer and operator of private rented housing. The joint venture, which was created in May 2015, has secured a £1bn premium PRS development pipeline comprising 5,000 homes for rent, located in eight city centre sites across the UK's regional cities and the south east including London.
The firm advised on all aspects of the Angel Gardens scheme from the transaction structure and the joint venture arrangements to the acquisition of the site and the financing of the project. The multidisciplinary team advising on the financing aspects of the project was led by Partner Katharine Lewis, in London, and Senior Associate Eleanor James in Manchester.
Katharine Lewis commented:
"It has been extremely rewarding working on this deal and we are delighted to have been part of the team which has successfully concluded the financing for this project. The development, the first of many for Apache and Moda in the UK, is part of a major regeneration project, bringing much needed new homes to Manchester. We look forward to seeing the development take shape."
Also working on the deal were Partners Nick Harrisingh, Sarah Gooden, Julian Keith, Michael Surry and Stuart Wilson.
Richard Jackson, Co-Founder and Managing Director of Apache Capital Partners, said: “We are pleased to have secured this new £85m debt financing from Deutsche Pfandbriefbank which will enable us to deliver this project, the first substantial PRS tower development this side of the recession in the UK regions. Delivering and financing a building of this scale early in the UK PRS cycle has had many challenges and overcoming these is the culmination of many years of work in the PRS sector and on Angel Gardens and underlines our JV team’s in-house expertise."
