Maslow Capital has completed a £136.8 million refinancing for two residential towers at the Circle Square project in Manchester. The agreement pertains to the North Tower and the East Tower, which are located along the Oxford Road Corridor and centrally situated in the city.
This financing facility enables Vita Group to repay existing liabilities. Simultaneously, Vita Group will be able to acquire its joint venture partner's shares in both buildings. This marks an important step in the ownership structure of the properties.
Significance of the Transaction
The refinancing by Maslow Capital underscores the continued interest of institutional investors in high-quality residential properties in key British conurbations. Manchester, particularly the Oxford Road Corridor, has established itself in recent years as a hub for student accommodation and innovative developments. The transaction solidifies Vita Group's position as a significant player in this sector.
The Circle Square complex is an urban development project that integrates residential units, offices, retail, and public spaces. The two towers now refinanced significantly contribute to providing modern living space in the growing metropolis.
Background on Vita Group
Vita Group is known for its projects in student accommodation and urban development. By acquiring the partner shares in the North and East Towers, the company strengthens its presence in Manchester and optimises the management structures for the properties concerned. This creates a clearer strategic direction for the future development and management of the assets.
- —Financing volume: £136.8 million
- —Affected properties: North and East Tower at Circle Square, Manchester
- —Lender: Maslow Capital
- —Borrower: Vita Group
