ICG Real Estate provides £100m development loan to Salboy

ICG Real Estate has provided a £100m loan to Salboy Limited to fund the development of a major 556 build-to-sell residential scheme in Manchester’s Green Quarter district.

The completed scheme will provide a community of high spec apartments, duplex and penthouses.

Residents will have access to a private clubhouse offering high end amenities and services including a swimming pool, squash and basketball courts and a private cinema.

The asset will be complemented by 30,000 square feet of commercial space which will be home to boutique traders, independent restaurants and bars together with some office space.

Construction of the scheme has commenced with cores for each block now complete and completion still on track for 2026.

Jai Patel, managing director of ICG Real Estate, said: “This transaction offered us the opportunity to back a proven residential developer in a local market that they know incredibly well, in a sector where we have a long held conviction.

“Manchester’s local economy continues to offer great opportunities to its residents in terms of jobs, leisure and education and is a city we favour, with this being the second development deal we have agreed in the city in the past 18 months.

“We remain keen to focus our attention on significant transactions in the living space which align with our deep conviction calls and continue to be supported by strong underlying fundamentals.”

Simon Ismail, managing director of Salboy, added: “We are delighted to partner with ICG Real Estate as work gets underway at Waterhouse Gardens, one of the largest and last-remaining regeneration sites in the UK’s fastest-growing city.

“By 2026 this scheme will deliver sought-after city-centre living for many of the thousands of students and young professionals that choose to stay in, relocate or return to Manchester every year to launch and progress their careers.”