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.