AECOM Capital and Olympian Homes have formed a joint venture to enable the £150m development of two iconic multifamily towers in Manchester city centre.
The joint venture, which marks AECOM Capital’s first investment in Europe, will be constructed by AECOM utilising the expertise of AECOM Tishman in New York and comprises two separate towers, accommodating approximately 425 residential apartments.
The development site at Portugal Street East is within a strategic urban regeneration zone in Manchester city centre, and is adjacent to the main Piccadilly railway station and the proposed terminal building for High-Speed 2.
Commenting on their first European venture Ali Abbas, senior managing director AECOM Capital Europe said:
“We are delighted to be working with Olympian Homes on our first gateway city investment in Europe. This exciting £150m multifamily development is a firm foundation for the growth of our European business into the next cycle and follows on from our successful develop-to-core strategy in the United States where we have investments with a total development value of approximately $5 billion.”
Simon Murray-Twinn, chief executive officer, Olympian Homes said:
“Today’s announcement of our joint venture with AECOM Capital signals a major step forward in the delivery of this significant regeneration zone in Manchester city centre. We look forward to working with AECOM Capital who will leverage its extensive multifamily and tall building development experience from the U.S. to the benefit of this project and in establishing a new residential community within the city.”
Since January 2013, AECOM Capital has invested in 17 projects in the U.S., with a total development value of approximately $5 billion and 10 million square feet. The projects include residential apartments, hotels, offices and mixed use assets.
Media contact:
AECOM
Leanne Elliott
Telephone: +44 (0)7388 948206
About AECOM Capital
AECOM Capital, a subsidiary of AECOM, is an investor and developer of infrastructure, renewable energy, and real estate projects across North America and select international markets. With significant experience in public-private partnerships designed to assume risk from tax-payers, including independent power projects and real estate developments, AECOM Capital targets high quality risk adjusted investments. AECOM has vast resources across all engineering, design and construction services that AECOM Capital leverages for deal flow, due diligence, execution and project delivery. Since its formation in 2013, AECOM Capital has invested in 17 projects, with a total development value of approximately $5 billion. For more information, visit www.aecomcapital.com.
About Olympian Homes
Olympian Homes has been trading since 1993 and specialises in the development of student accommodation, hotels and residential buildings. Olympian has delivered over 27 projects across the United Kingdom during the past 20 years and is currently delivering 2 student accommodation schemes in Belfast totalling 1,248 bedrooms.
