CDL buys private rented sector project in Manchester for GBP75.6 mil

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CDL, Singbridge and Ascendas put in joint bid of $1.87b for Pulau Brani site

CDL has announced the acquisition of a 261-unit freehold PRS project in Manchester, which will commence construction this month. Located near Piccadilly Station within the Piccadilly Basin neighbourhood, the development will consist of two apartment blocks spanning 10 and 12 storeys respectively. The blocks will house a mix of one-, two- and three-bedroom apartments and two commercial units on the ground floor. The project is expected to be completed in 2026 and was acquired for GBP75.6 million (approximately $125.7 million).

This forward-funding arrangement marks CDL’s first UK PRS acquisition, allowing them to secure their investment at a fixed cost and manage cash flows over the development period. Group CEO Sherman Kwek noted that this year, their global PRS portfolio had grown by almost 70% to 4,489 operational and pipeline units across the UK, Japan, Australia, and the US.

Kwek added that this acquisition will allow CDL to benefit from potential capital appreciation. Further, the move to scale up its global living sector portfolio serves to drive growth in CDL’s recurring income.

This marks the fourth PRS project undertaken by CDL in the UK since 2019. Moreover, it further solidifies CDL’s presence in the UK, where they had already bid for a site at Toa Payoh in Singapore, as well as acquiring a 256-room Osaka hotel for $78.5 million and putting in a joint bid of $1.87 billion for the Pulau Brani site.