It's big news for the region and beyond...
AND Capital Ventures is partnering with Manchester developer Forshaw on a new fund targeting housing and regeneration projects across the North.
The two organisations have announced plans to establish a residential development and investment fund worth up to $250 million (£185m).
The two companies have signed a Letter of Intent to create the closed-ended fund, which will focus on projects across the North of England, including residential development, build-to-sell schemes, private rented housing and selected mixed-use developments.
Manchester-based Forshaw will lead on sourcing sites and development opportunities, as well as construction, lettings and property management, while AND Capital will oversee the formation of the fund, institutional fundraising and investor relations.
The partnership comes as Manchester and other northern cities continue to see significant residential development and regeneration, alongside demand for new housing.
Teruel Carrasco, CEO of AND Capital Ventures, said: “Manchester is having a moment. This is a city that now behaves like a capital city in its own right, and the capital markets are responding. We’re seeing sustained institutional demand, a regeneration pipeline measured in the billions, and a genuinely deep talent and development ecosystem. That is exactly the kind of moment that draws private equity groups like ours to want to invest here – and to want to invest in great, proven local operators like Forshaw.
“When you combine housing undersupply, a regeneration pipeline in the tens of billions, and a city that institutions are actively rotating capital into, you have the ingredients for a compelling long-term investment thesis. We wanted a local partner with a proven track record to execute against that thesis – not just capital looking for a home.”
Forshaw Land & Property Group has operated for nearly 20 years, with the proposed investment vehicle intended to allow the developer to increase the number and scale of projects it takes on.
Lyndon Forshaw, CEO of Forshaw Land & Property Group, said: “This partnership with AND Capital represents a transformational moment for our business. We have built a strong track record as an SME developer, but access to funding remains one of the biggest challenges facing businesses in our sector.”
David Chung, Head of Capital Formation at AND Capital Ventures, added: “Forshaw has spent nearly 20 years building the kind of track record that institutional capital wants to underwrite. Pairing that operating discipline with a dedicated institutional capital vehicle gives us a genuine competitive edge in one of the most sought-after regional markets in Europe.”
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