A new joint venture (JV) has been formed to deliver a £120 million build-to-rent (BTR) development in Greater Manchester.
Real estate investment manager, Moorfield Group has partnered with the Greater Manchester Pension Fund (GMPF) to deliver, own and operate Podium, a 440-home development in Trafford, comprising apartments and townhouses aimed at young families and professionals.
Developed by Glenbrook and built by main contractor, Domis Construction, GMPF is investing capital through its Greater Manchester Property Venture Fund, managed by real estate and investment firm, CBRE.
As part of the deal, both investors will share in the long-term rental returns, aligning with their strategy to support sustainable urban growth.
The project, located within Lumina Village and part of Trafford’s 55-acre Civic Quarter masterplan – bringing 4,000 homes, 500,000 sq ft of commercial space, next to the Old Trafford cricket stadium – prioritises sustainability, with plans for net-zero carbon operations and eco-friendly construction materials.
Its first homes are expected to be ready by early 2026.
The £120 million JV reflects a growing interest in the UK rental market, with BTR increasingly seen as a stable, long-term asset.
Global real estate services provider, Savills, recently reported that the UK BTR sector is set to receive a £20 billion boost over the next decade, with investment expected to grow from 25 per cent of total real estate investment between 2024 and 2028 to 30 per cent by 2033.
Podium is Moorfield’s third BTR investment in Manchester, following The Trilogy in Castlefield and Duet in Salford Quays, both part of a 1,000-plus home BTR portfolio built between 2012 and 2017.
GMPF has also made notable housing commitments, including £100 million for Legal & General’s affordable housing fund and a JV with Manchester City Council’s housing company, This City, to deliver 1,600 affordable homes.
Charles Ferguson-Davie, co-CEO and chief investment officer at Moorfield Group, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor who understand the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies.
“This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate.”
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