Macfarlanes has advised long-standing client Legal & General on the sale of an operational build-to-rent asset, The Slate Yard – a 424-apartment development in Salford’s New Bailey, to KKR for over £100m.
The Slate Yard has strong sustainability credentials and consists of 424 high-quality residential units across three properties, totalling 270,000 square feet. It houses attractive amenities including a gym, residents’ lounges and co-working spaces.
Macfarlanes has had a long history with the asset having acted on the acquisition, financing, development, operating and now the sale of the scheme.
The Macfarlanes team was led by Real Estate Partner Tania Barnes with assistant from Senior Associates Andrew Wheelhouse and Elizabeth Fielding, and Associate Maria Cannatella. Construction advice was provided by Partner Angus Dawson and tax advice by Associate Rebecca Rose.
Tania Barnes commented: “We are pleased to have acted on the sale of The Slate Yard, having advised throughout the whole lifecyle of this operational asset and demonstrating our expertise in capital investment, development, and the BTR asset class. We are proud to have advised L&G, one of the most active participants in the BTR market, at an exciting time for the trading of operational assets.”