Neville and Giggs seal funding for 200m scheme
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Ryan Giggs and Gary Neville, development company has secured funding for a major housing scheme in Manchester city center the funding comes from a Far Eastern investors.
Rowsley, a publicly-listed company controlled by Singaporean billionaire Peter Lim, and Beijing Construction Engineering Group, have signed a funding agreement to develop the 1.8-acre plot, known as St Michael’s.
BCEG is the Chinese state-owned company involved in the £800m Airport City Manchester expansion project currently under construction.
Rowsley will pay £40m to acquire a 75% stake in St Michael Investments Pte, with BCEG owning 21%, Neville owning 2% and Giggs owning 2%.
The planned accommodation and office scheme at the Jackson’s Row site off Deansgate is expected to have a development value of up to £200m.
The Singaporean firm’s CEO, Lock Wai Han, commented on the agreement: “We are excited to be in Manchester and to tap into its vibrancy and growth. Gary and his team exemplify the dynamism of the city and the City Council, and it’s a style of working we are very comfortable with in Singapore.
“St Michael’s will become a landmark development and will meet the growing demand for quality accommodation and offices in Manchester.“
He added: “This will be Rowsley’s first investment in Europe and comes at a time when the UK government is encouraging businesses to move north to escape the rising cost of operating in London.“
Neville said: “This represents a very important milestone for the development of St Michael’s.
“To secure funding for the project this early in the process is a fantastic achievement and demonstrates great confidence in the city.
“Moving swiftly is key and huge credit goes to Rowsley and BCEG for their committed approach in the last two months.“