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craigmyersfinance · 11 days

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<h1>Briefs: Radisson debuts in Casablanca; Azora acquires two hostels</h1>

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<p><b>RADISSON ARRIVES IN CASABLANCA:</b> Radisson Hotel Group has launched its first Radisson-branded hotel in Morocco with the opening of Radisson Hotel Casablanca Gauthier La Citadelle. Located in Casablanca’s Gauthier district, this is Radisson Hotel Group’s second property in the Casablanca and the ninth hotel in the country. The upscale hotel is owned and operated by subsidiaries of Al Hoceinia Holding and features 133 rooms, including nine suites. The hotel includes a restaurant, rooftop bar and restaurant, a lobby bar, an outdoor pool, fitness center and 450 square meters of meeting and event spaces.</p>

<p><b>AZORA ACQUIRES TWO HOSTELS: </b>Azora, the Madrid-based real estate investment manager, has completed the acquisition of two hostels in Dublin and Barcelona on behalf of its Azora European Hotel and Lodging Fund (AEHL) through a deal with a BlackRock-managed fund. The properties include the Jacobs Inn Dublin and the Jacobs Inn Barcelona, which are currently operated by Siggis Capital. The hostels were sold unencumbered and will be operated by Latroupe, the boutique hostel operator owned by AEHL. Since 2011, Azora has acquired more than 100 hotels and 26,000 hotel keys and has invested more than €3 billion in the hospitality sector.</p>

<p><b>KSL JV SECURES LOAN TO ACQUIRE SERENO HOTELS: </b>Cheyne Capital, the alternative asset manager, has completed a cross-jurisdiction senior secured facility to a joint venture between KSL Capital Partners and entrepreneur Luis Contreras. Provided by funds managed and advised by Cheyne Capital, the loan will be utilized to finance the acquisition of Sereno Hotels and expand the Sereno Hotels platform. Sereno hotels develops, owns and operates the ultra-luxe hotel Il Sereno on Lake Como in Italy and its sister resort, Le Sereno, on the island of St. Barthelemy in France.</p>

<p><b>SHERATON SUITES IN ATLANTA COMPLETES RENOVATIONS: </b>Sheraton Suites Galleria Atlanta has announced the completion of its $12 million renovation. Located near The Battery and Truist Park, the hotel has undergone extensive refurbishments, which include a complete transformation of the all-suite guestrooms and public areas. Renovations also include new carpeting, beds, bedding, furniture, artwork and upgraded bathrooms. The hotel’s lobby and restaurant have also been refreshed. The hotel features a fitness center, two swimming pools and 5,749 square feet of meeting space.</p>

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craigmyersfinance · 1 month

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ADIA ups private credit bets

Abu Dhabi Investment Authority (ADIA), the emirate’s $892bn sovereign wealth fund, is upping its private credit exposure with an increased commitment to alternative asset manager Cheyne Capital’s capital solutions strategy, a real estate private credit fund.

ADIA’s statement confirms that it is upping its commitment to the ninth vintage of Cheyne’s strategy to £650m ($831m).

In the statement, Mohamed Al Qubaisi, Executive Director of the real estate department at ADIA, said: “We have invested with Cheyne for a number of years and welcome the opportunity to grow our relationship.

“We see this as a compelling investment proposition in a market that is looking to private credit lenders for capital.”

The move is the latest sign of growing sovereign wealth funds interest in the $1.6tn private credit market and comes just months after Mubadala Investment Company said it would be an anchor investor in a new special situations fund set up by Starz Real Estate targeting refurbishment and redevelopment opportunities across Europe.

Earlier this week, Jada, a unit of Saudi Arabia’s PIF sovereign fund, announced a $53m investment into a fund raised by San Francisco-based Partners for Growth, its second private credit investment to date.

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craigmyersfinance · 1 month

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Abu Dhabi wealth fund ADIA raises investment in Europe’s Cheyne Capital

Abu Dhabi’s sovereign wealth fund has increased its funding commitment to Cheyne Capital’s real estate private credit strategy in Europe.

The Abu Dhabi Investment Authority (ADIA) committed an undisclosed amount to Cheyne’s programme, dubbed as the capital solutions strategy, bringing the total commitment to £650 million ($836 million), European media reported on Tuesday.

The programme targets senior lending against real estate in Europe.

“The capital solutions strategy aims to meet the increasing demand for various forms of real estate credit by drawing on Cheyne’s expertise in the European real estate lending market,” a statement quoted Mohammed Al Qubaisi, Executive Director of ADIA’s real estate department.

“We see this as a compelling investment proposition in a market that is looking to private credit lenders for capital.”

ADIA has assets worth around $933 billion, according to the Sovereign Wealth Fund Institute (SWFI).

Cheyne Capital is a London-based alternative investment fund manager that invests in senior debt, equity of corporates and real estate.

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craigmyersfinance · 1 month

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What's New In Investments, Funds? – Blackstone, S-Bank, Cheyne, Abu Dhabi

he latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

Blackstone US investments group Blackstone has partnered with Finland’s S-Bank to provide individual investors in Finland the opportunity to invest in private markets.

The combination will widen access to a private credit market in Europe which has traditionally been confined to institutional investors with high investment minimums and a requirement to lock up capital for long periods.

The move by Blackstone Private Wealth Solutions into what it sees as under-exploited European markets follows agreements with BNP Paribas earlier this year, and ING last year. (In those cases, Blackstone brought its European private credit investment platform to qualified private investors in France and the Netherlands, respectively.)

S-Bank's (aka S-Pankki) private credit fund invests in loans in unlisted companies, mainly in Europe. The S-Pankki European fund (S-Pankki ECRED) is a feeder fund whose target fund is Blackstone European Private Credit Fund SICAV.

The target fund Blackstone European Private Credit Fund SICAV, which was launched in October 2022, had €581 million ($634 million) in January. The investments are secured senior loans.

(The fund is not intended for investors in the US.)

Cheyne Capital, Abu Dhabi Cheyne Capital has secured a commitment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority for the ninth vintage of the Cheyne Real Estate Credit Holdings (CRECH) programme.

The programme, which is also known as the Capital Solutions strategy, will be added to earlier investments to bring ADIA’s subsidiary’s total commitment to the Capital Solutions strategy to £650 million ($830.8 million).

The strategy continues CRECH’s focus on senior lending against European real estate. In addition, it provides solutions across the capital structure, including subordinated debt, hybrid credit and commercial mortgage-backed securities.

CRECH’s recent deals include the structuring of a £780 million loan alongside JP Morgan to Quintain for the refinancing of Wembley Park, London. Other recent deals include a £318 million loan to Goldman Sachs-backed Riverstone for two later living developments in London, £229 million to Stanhope for the transformation and extension of the iconic 76 Southbank in London into a low-carbon office, €250 million to Bain Capital and Borio Mangiarotti to deliver 600 new homes in Milan and over €200 million to the Beaumier hotel group with lifestyle hotels across France, Switzerland and Spain.

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craigmyersfinance · 1 month

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ADIA boosts investment in private credit with fresh commitment to Cheyne Capital

Abu Dhabi Investment Authority will increase its commitment to Cheyne Capital's capital solutions fund to GBP 650 mn

Abu Dhabi Investment Authority (ADIA) will up its commitment to London-based alternative asset manager Cheyne Capital’s capital solutions strategy to GBP 650 mn (USD 831 mn), Bloomberg reports, citing a statement. The exact size of the new investment was not disclosed.

About the strategy: Cheyne’s capital solutions fund offers senior loans against European real estate, intending to transition Europe’s property market “away from increasingly obsolete assets supported by low interest rates,” says Ravi Stickney, managing partner and chief investment officer of Cheyne's real estate arm. The strategy also grants borrowers subordinated debt, hybrid credit, and commercial mortgage-backed securities.

What they said: “We have invested with Cheyne for a number of years and welcome the opportunity to grow our relationship. We see this as a compelling investment proposition in a market that is looking to private credit lenders for capital,” ADIA real estate department’s executive director, Mohamed Al Qubaisi, said.

ADIA ❤️ private credit: ADIA previously ventured into private credit in September, backing a USD 5 bn fund launched by Wells Fargo alongside asset manager Centerbridge and making a USD 932 mn investment in Australian real estate private credit company Qualitas Diversified Credit Investments.

And it’s not just ADIA: In February, sovereign wealth fund Mubadala agreed with Goldman Sachs to co-invest USD 1 bn in private credit in the Asia-Pacific region, with a particular focus on India. The wealth fund also took on the role of anchor investor for a private credit fund set up by Starz Real Estate and targeting European property in November 2023.

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craigmyersfinance · 1 month

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ADIA backs $832m European real estate debt fund

Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will pump additional capital into Cheyne Capital’s European real estate debt fund, increasing the total investment to £650 million ($832 million).

The investment by a Gulf state-owned fund subsidiary marks the ninth round of the London-based Cheyne Real Estate Credit Holdings programme, called the Capital Solutions strategy, the hedge fund said.

No details on the size of the investment were given.

“We have invested with Cheyne for a number of years,” said Mohammed Al Qubaisi, executive director of ADIA’s real estate department. Al Qubaisi said he believed that it was a “compelling” investment proposition in a market that is looking to private credit lenders for capital.

Cheyne Real Estate invests across the real estate sector, including in student accommodation and affordable and senior housing projects.

Last August, an ADIA-owned unit said it would invest A$700 million ($449 million) into one of its Australian commercial real estate private credit fund.

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craigmyersfinance · 1 month

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Abu Dhabi wealth fund ups Cheyne Capital commitment

Abu Dhabi’s sovereign wealth fund has increased its commitment to a European real estate credit strategy, run by Cheyne Capital.

The Abu Dhabi Investment Authority (ADIA), which is estimated to have around $892bn (£699bn) in assets under management, has increased its investment in Chayne’s capital solutions strategy to £650m.

Cheyne Real Estate Credit Holdings, which is now on its ninth vintage, focuses on senior lending in European real estate, providing subordinated debt, hybrid credit and commercial mortgage-backed securities.

Read more: Cheyne Capital looks to raise £7.5bn for property lending

Recent deals include the structuring of a £780m loan to Quintain for the refinancing of Wembley Park in London, alongside JP Morgan. The fund has also provided a £318m loan to Riverstone, backed by Goldman Sachs; and lent €250m to Bain Capital and Borio Mangiarotti for a housing development in Milan.

In total, the strategy provided loans worth more than £5bn in 2022 and 2023.

“The capital solutions strategy aims to help the European real estate industry transition away from increasingly obsolete assets supported by low interest rates and towards productive, sustainable assets for the long term. With an enormous pipeline of future investments requiring funding, we look forward to continuing to address this need as we open the strategy up to other investors in 2024,” said Ravi Stickney, managing partner and CIO of Cheyne Real Estate.

Mohamed Al Qubaisi, executive director of the real estate arm of ADIA, added: “The Capital Solutions strategy aims to meet the increasing demand for various forms of real estate credit by drawing on Cheyne’s expertise in the European real estate lending market. We see this as a compelling investment proposition in a market that is looking to private credit lenders for capital.”

Based in London, Cheyne Capital has $11bn in assets, half of which is in real estate.

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craigmyersfinance · 1 month

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Cheyne Capital wins investment from Abu Dhabi's ADIA for real estate debt fund

DUBAI, March 12 (Reuters) - Cheyne Capital has secured investment from a subsidiary of Abu Dhabi's biggest sovereign wealth fund for its European real estate debt fund, according to a joint statement on Tuesday, as appetite from Gulf state investors for private credit booms.

The London-based hedge fund said the investment, from the Abu Dhabi Investment Authority's unit, was for the ninth round of the Cheyne Real Estate Credit Holdings (CRECH) programme, also known as its Capital Solutions strategy, bringing ADIA's total commitment to 650 million pounds ($831.3 million).

The statement did not specify the size of the investment.

The Capital Solutions strategy is focused on senior lending against European real estate and includes subordinated debt, hybrid credit and commercial mortgage-backed securities (CMBS) services.

Cheyne has been an active lender in the residential real estate market, investing in student accommodation, affordable and senior housing projects.

A rise in global interest rates have hit commercial real estate valuations, creating a financing shortage for borrowers with maturing loans, as lenders require more capital to be injected before approving renewals of debt facilities.

The higher margins from these opportunities and have attracted money from Gulf sovereign investors.

ADIA, which manages the surpluses the Gulf emirate earns from oil exports, is the largest among the three sovereign wealth funds in Abu Dhabi besides Mubadala (MUDEV.UL) and ADQ.

It said last year its private equity division would position for growth in private markets including in private credit, while Mubadala last month struck a $1 billion deal with Goldman Sachs to go after private credit deals in Asia.

On Tuesday, the U.S. bank's unit Goldman Sachs Asset Management flagged it aims to expand its private credit portfolio to $300 billion in five years from the current $130 billion.

($1 = 0.7819 pounds)

Reporting by Federico Maccioni, editing Hadeel Al Sayegh and Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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craigmyersfinance · 2 months

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RECI Q3 Report: Market conditions drive increasing higher margin opportunities

Real Estate Credit Investments Limited (LON:RECI), a listed investment company paying a regular quarterly high dividend, has announced that the Investment Manager’s Q3 Investor Presentation is now available.

An extract from the Summary section of the presentation is set out for investors in the Appendix to this announcement.

Appendix: Q3 Investor Presentation Extract

Key Quarter Updates

• Portfolio

‒ Total NAV Return for the quarter: -0.6% / Total NAV Return to Q3 2023 : +4.1%

‒ During the quarter, one UK loan fully repaid, realising net proceeds of £9.4m, and providing headroom to invest in new deals at enhanced IRRs

‒ Rotation of market bond portfolio into strong senior loans with attractive returns

• Cash

– Cash reserves remain targeted at between 5% to 10% of NAV

– As at 31 December 2023, cash was £12.1m / 3.7% of NAV

• Dividend

– Dividends maintained at 3p per quarter, annualised 9.3% yield, based on share price as at 31 December 2023

– Dividends predominantly covered by net interest income generated from RECI’s assets. The aim is for dividend cover to totally come from net interest income

• Opportunities

– The present macroeconomic backdrop is set to continue through 2024, resulting in further constraints in bank lending and alternative sources of capital. The opportunity to provide senior loans at low risk points, for higher margins, is increasingly evident

– The Company expects to deploy its currently available cash resources to its near term commitments and towards a compelling emerging opportunity set in senior loans

• Citywire Investment Trust Awards 2023

– RECI won the Best Performance award for Specialist Debt at Citywire’s London-listed Investment Companies awards held on 01 November 2023. The performance awards are given to investment companies judged to have delivered the best underlying return in terms of growth in NAV in the three years to 31 August 2023.

Real Estate Credit Investments Limited (LON:RECI) is a closed-end investment company that specialises in European real estate credit markets. Their primary objective is to provide attractive and stable returns to their shareholders, mainly in the form of quarterly dividends, by exposing them to a diversified portfolio of real estate credit investments.

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craigmyersfinance · 2 months

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Dominus and Cheyne Capital complete two senior loans for PBSA developments in the City of London

Dominus and Cheyne Capital have completed two senior loans totalling around £400m to provide development finance for two of Dominus’ PBSA developments in the City of London.

The first facility will support a development in Holborn, situated within close proximity of London universities including LSE, Kings College London and Queen Mary University of London.

Once the project is completed it will also provide a mix of cultural and affordable workspaces for creative businesses, leased free of charge by the Creative Land Trust, also included will be a viaduct connecting Holborn Viaduct and Snow Hill, as well as a free public access roof terrace.

The development will consist of 669 beds, with over 35% allocated as affordable accommodation and 64 rooms as wheelchair accessible.

A second loan will fund a development in the heart of the City of London, situated at 65 Crutched Friars between Aldgate and Tower Hill, which will consist of just under 800 beds, of which 35% will be affordable.

The space will also host the Migration Museum, a three-floor, 30,000 sq ft free to enter space.

The schemes, which have a combined GDV of circa £800m, will be developed and operated by Dominus.

Arron Taggart, head of UK investment at Cheyne Capital, commented: “We are pleased to be partnering with Dominus to deliver two developments in the heart of central London which will not only provide a first-class experience for students, but also stand to deliver benefits to the wider community.”

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craigmyersfinance · 2 months

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Cheyne pumps £400m into City student beds

Dominus has secured two senior loans totalling £400m from Cheyne Capital Management to provide development finance for two purpose-built student accommodation developments in the City of London.

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craigmyersfinance · 2 months

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161 NEW HOMES BUILT ON FORMER PRIMARY SCHOOL

A “pioneering” new housing development of 161 new homes on the site of a former primary school features a mix of affordable, shared ownership, key worker, rental and private residences.

On the grounds of the former Dunmail Primary School, Elderberry Walk in Southmead has been designed by Redcliffe-based AHMM architects.

The development is a partnership between Brighter Places, BBRC Homes from Bristol & Bath Regional Capital, and Cheyne Capital.

Brighter Places chief executive, Anna Klimczak, said: “As an innovative Bristol housing association committed to providing much-needed, energy efficient affordable homes in thriving communities we are proud of what we have achieved at Elderberry Walk.

“The high quality, well-designed homes are set in an environment conscious development that showcases what can be delivered with determination and creative thinking.”

On a recent visit to Elderberry Walk, Bristol mayor Marvin Rees said: “We are immensely proud to see the pioneering new housing development at Elderberry Walk open to the public, after this £36m investment in our city, providing much-needed high quality homes for the people of Bristol.

“These 161 new homes, including 77 new affordable homes, add to the 12,534 new homes built in our city since 2016.

“As our city, and country, continues to grapple with the sharp end of the housing crisis, innovative projects such as this which blend practical solutions, sustainability and creativity are becoming increasingly essential.

“This thriving new community, with new homes for keyworkers, can be another great example of the better Bristol that we are building together.”

BBRC Homes chief executive, Ed Rowberry, added: “BBRC Homes is delighted to have played its part in enabling this exemplar of sustainable regeneration and partnership working.

“By matching long term capital with local need, we are continuing to build on our specialism of providing much needed intermediate housing tenures for key workers and local people.”

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craigmyersfinance · 2 months

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Dominvs and Cheyne Capital complete loans for £800 million London PBSA projects

UK: Dominvs, a real estate platform with assets under management of more than £1 billion, and real estate financing firm Cheyne Capital have completed two senior loans worth approximately £400 million to provide development finance for two PBSA developments in the City of London.

The first facility will support a development in Holborn, close to universities such as London School of Economics [LSE], King’s College London and Queen Mary University of London.

Once completed, the project will feature workspaces for creative businesses that will be leased for free by the Creative Land Trust. A viaduct connecting Holborn Viaduct and Snow Hill, as well as a free public access roof terrace, will also be provided.

The 669-bed development will allocate 35 per cent for affordable accommodation, while 64 rooms will be marked as wheelchair accessible.

The second loan will fund a project in the heart of the City of London, at 65 Crutched Friars between Aldgate and Tower Hill. The development will consist of just under 800 beds, 35 per cent of which will be allocated to affordable accommdation.

The space will also feature the Migration Museum, a three-floor, 30,000 sq ft, free-to-enter space.

Dominvs will develop and operate the schemes, which have a combined gross development value [GDV] of roughly £800 million.

Arron Taggart, head of UK investment at Cheyne Capital, said: “We are pleased to be partnering with Dominvs to deliver two developments in the heart of central London which will not only provide a first-class experience for students, but also stand to deliver benefits to the wider community.”

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craigmyersfinance · 2 months

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RECI – Strong balance sheet to target highly accretive real estate opportunities

Real Estate Credit Investments Limited LON:RECI, a listed investment company paying a regular quarterly high dividend, has announced that its Investment Manager’s monthly Fact Sheet as at 31 January 2024 is now available.

– As at 31 January 2024, the Company was invested in a diversified portfolio of 34 investments with a valuation of £307.1m.

– The Company reported a MTM uplift on its Market Bond Portfolio of 0.3p for January 2024.

– Cheyne released its latest Company Update on Monday 5 February 2024.

– RECI continues to use its cash to invest in its existing commitments in highly accretive wider opportunities in senior mortgage lending.

– Cash Balance as at 31 January 2024 was £22.7m.

Real Estate Credit Investments Limited (LON:RECI) is a closed-end investment company that specialises in European real estate credit markets. Their primary objective is to provide attractive and stable returns to their shareholders, mainly in the form of quarterly dividends, by exposing them to a diversified portfolio of real estate credit investments.

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craigmyersfinance · 2 months

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Cheyne provides £143m debt funding to Riverstone

Cheyne Capital Real Estate has provided a £143m development loan to over-65s London accommodation developer and operator, Riverstone, for its latest residence on The Bishops Avenue, Hampstead Heath.

The facility marks the third loan from Cheyne to Riverstone, alongside those given for the Fulham Riverside scheme in 2021, and the Riverstone Kensington development in 2022.

The Bishops Avenue scheme will consist of 93 apartments in addition to amenities such as a concierge, chauffeur service, spa treatment rooms, cinema, restaurant, bar and recovery/physiotherapy suite.

Filippo Alessandria, real estate desk at Cheyne Capital said: “We are very pleased to continue supporting Riverstone with their development… following the success of the Fulham and Kensington residences.

“We particularly celebrate Riverstone’s focus on sustainability, and we look forward to seeing the entirely fossil fuel-free development on The Bishops Avenue come to life.”

John Clark, CFO at Riverstone added: “The demand for new and innovative later living options continues to grow across London, and we are very pleased to be further strengthening our relationship with Cheyne Capital, who share our vision to deliver exceptional residences in prime London locations.

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craigmyersfinance · 3 months

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Seemingly insurmountable problems can have solutions if the ambition is there

And there’s a lot of ambition in evidence of architects addressing key challenges in the January issue of the AJ, writes Emily Booth

It may be freezing where you are, and our suitably austere January cover star (pictured, thank you, Child Graddon Lewis!) isn’t an obviously heartwarming choice. But dig a little deeper and the backstory to this residential-led, mixed-use scheme for Westminster City Council in North Paddington uncovers an estate regeneration project with a difference.

The Harrow Road scheme was changed mid-construction, by a freshly elected Labour council, from being 50 per cent earmarked for private sale (and only 17 homes for social rent) to 100 per cent affordable rent (increased to 77 social homes). On top of that, the project also switched to being powered by 100 per cent renewables (it was originally going to be mixed-mode) through a communal air source heat pump serving the entire scheme, with supplementary PVs.

As the AJ’s Fran Williams explores in her excellent article, the shift presented technical issues, and some design implications are evident – for example where second bathrooms have been removed or stripped back. But, overall, the flats are generously sized, with good views, too. There’s no doubt that relationships will have been key here, with teamwork to the fore.

The Harrow Road scheme is a positive example of two massive challenges facing local communities – the housing and climate crises – being actively addressed at a local level with an engaged public sector client, nimble architect and political will. Of course, it isn’t easy to effect changes such as these. But this project shows that seemingly insurmountable problems can have solutions if the ambition is there.

Indeed, there’s a lot of ambition addressing key challenges in this issue of the AJ. For another example, the first residents have moved into a £24 million build-to-rent scheme in Manchester’s Northern Quarter, designed by local practice Tim Groom Architects. The investment for this ‘modern mill’ came from London-based Cheyne Capital’s Impact Real Estate Fund, set up to tackle the UK’s shortage of affordable housing.

And, while the path to genuine circular construction can be a very bumpy one, take inspiration from a mixed-use project which sees the retrofit and conversion of a historic barrel-loading hall at a former Berlin brewery. Architects Die Zusammenarbeiter (‘The Collaborators’) and their colleagues have gone to extraordinary lengths to reuse materials – it’s a fascinating case study.

None of this is easy. But, as David Green, director of Belsize Architects (and a former Bank of England economist) writes in a letter to the AJ this month: don’t underestimate the desire to ‘get things sorted out’ in 2024.

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craigmyersfinance · 3 months

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Tim Groom unwraps mill-inspired housing in Manchester

The first residents have moved into this £24 million build-to-rent scheme on the edge of Manchester’s Northern Quarter designed by local practice Tim Groom Architects.

The 144 apartment 12-storey project in Oldham Road has been developed by Mulbury City for funder and ‘long-term custodians’ of the building, Cheyne Capital.

The investment funds came from London-based Cheyne Capital’s Impact Real Estate Fund, set up to tackle the UK’s shortage of affordable housing. Around a third of the homes are earmarked for local key workers, such as nurses and teachers, at discounted rents.

The 11,690m² stepped scheme on the ‘long and thin’ plot houses a mix of one-, two- and three-bedroom apartments.

The practice describes the scheme as a modern ‘mill’ building.

Clad in brick, the exterior of the Poplin development – named after the fabric used to make coats on the site during the Second World War – was inspired by the warehouse arches in the surrounding New Cross area and neighbouring Ancoats Conservation Area.

Contractor GMI Construction Group took 24 months to complete the project.

Project data

Location 2 Addington St/Oldham Road, New Cross, Manchester

Local authority Manchester City Council

Type of project Residential

Client Mulbury City for Cheyne Capital

Architect Tim Groom Architects

Interior designer YOUTH

Landscape architect Layer

Planning consultant Deloitte

Structural engineer Ridge

M&E consultant Ameon

Quantity surveyor RLB

Principal designer Rawlings CDM

Lighting consultant Artin

Main contractor GMI Construction Group

Funding Cheyne Capital

Tender date November 2020

Start on site date June 2021

Completion date June 2023

Contract duration 24 months

Gross internal floor area 11,690m²

Form of contractt Design and Build

Annual CO2 emissions 1,836 kg/CO²/m²

Total cost £24 million

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