Addleshaw Goddard (AG) is to advise Pension Insurance Corporation (PIC) on its first equity investment in a Private Rented Scheme (PRS). AG will be advising on the new 450,000sq ft New Victoria site located on the heart of Manchester.
The New Victoria site, which has been bought from Network Rail, is conveniently located next to Manchester Victoria train station. The scheme is set to bring 520 new homes built over two-storey buildings which will range from 20 to 25 foot high. Along with this, there will also be commercial space.
The new development scheme is being delivered by Muse Developments in partnership with Manchester City Council. PIC will operate the scheme going forward.
The AG team was led by partners Andrew McVeigh and Peter Hardy, supported by legal director Sam Cary (Construction, Engineering & Environmental), managing associate Kathryn Green (Real Estate), associate Sam Comer (Construction, Engineering & Environmental), partner Peter Sayer (Tax), legal director Liam Diggins (Investment Management Group), and associate Robert Oates and managing associate Ian Kynoch (both Banking and Finance).
Andrew McVeigh, who led the team advising PIC, said: “It’s great to be supporting our client on their first equity investment, as well as operational role, in a PRS scheme. All parties have worked in true collaboration to get this significant scheme off the ground and it is testament to investor confidence in the UK that high quality regeneration and mix-use developments such as this, that support communities, still have a very big part to play in driving the economy. We are really proud to be playing our part and supporting our clients in the transformation of Manchester’s City centre.”
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