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Europa Capital JV acquires 44-story UK tower

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Europa Capital JV acquires 44-story UK tower

A joint venture between Europa Capital and Atlas Residential signed a forward agreement for the purchase of the 44-story 100 Greengate private rented sector project in Salford in Greater Manchester, U.K., from builder Renaker Build Ltd.

The London-headquartered investment manager made the acquisition for its Europa Fund V value-add fund, according to a release.

The tower is expected to become the tallest building in Salford. It will span 380,000 square feet across 349 units of one-, two- and three-bedroom apartments and will feature a gym, concierge service, lounge and a rooftop garden.

Atlas Residential will manage the property upon its completion in early 2019.