Barings secures €113m for Leeds residential development

Real estate manager Barings has secured £96.7 mln (€112.9 mln) in funding for a large residential development near Leeds city centre, UK. 

Homes England, Greater Manchester Pension Fund, and West Yorkshire Pension Fund provided a £91 mln (€106 mln) loan, supplemented by a £5.7 mln (€6.6 mln) grant from the West Yorkshire Combined Authority. 
The project is a joint venture with UK residential developer Glenbrook, which will retain a stake in the project and act as development manager.
Located on Kirkstall Road, it will feature 618 apartments across five buildings on a five-acre site along the River Aire. Amenities will include resident lounges, a co-working space, a gym, roof terraces, and commercial space. 
Construction is underway, with completion expected by the end of 2027. 
Nigel Barclay, director of Loans at Homes England, said: The Kirkstall Road Scheme is an excellent example of how the Agency’s Home Building Fund is delivering in priority regeneration locations whilst supporting small and medium house builders that are crucial to building a diverse and resilient housing sector”.
Darren Hutchinson, head of UK Real Estate Transactions at Barings, commented: “The Kirkstall Road scheme represents exactly the kind of high-quality, well-located residential investment we seek on behalf of our partners.”
Darran Ward, head of Alternatives at West Yorkshire Pension Fund, added: “We are proud to support this significant investment in Leeds, helping to deliver high-quality, energy-efficient homes that are much needed in our region. By working alongside our Northern LGPS partner, Greater Manchester Pension Fund, and Homes England, we are demonstrating how collaboration between institutional investors and government can drive local economic growth, create jobs, and provide long-term, sustainable housing solutions.”
The location offers excellent connectivity to Leeds city centre, commercial hub Wellington Place, Leeds Central railway station, and local universities.