German bank to fund Manchester PRS scheme

Pbb Deutsche Pfandbriefbank has agreed to provide the four-year facility for the Angel Gardens scheme, being developed by property investment firm Apache Capital Partners and private rental brand Moda Living.

Many housing associations are beginning to set out large private rented sector development plans, with organisations such as Your Housing Group pioneering developments in the North West.

Charles Balch, head of real estate finance international clients for the UK and CEE regions at Pbb, said: “Well-located developments managed by experienced teams in main regional centres remain an appealing asset class and fit well in our lending strategy.”

The cash from Pbb will fund the construction of the tower, which forms part of a wider regeneration of the area.