Moorfield & GMPF partner on €138m BTR scheme in Trafford

UK real estate fund manager Moorfield Group has partnered with the Greater Manchester Pension Fund (GMPF) to develop, own, and operate a £120 mln (€138 mln) BTR scheme in Trafford, Greater Manchester.

Lumina Village

GMPF's investment was facilitated through the Greater Manchester Property Venture Fund, advised by CBRE.
The “Podium” project, being delivered by developer Glenbrook and main contractor Domis Construction, aims to provide 440 homes for rent, including apartments and townhouses, primarily targeting young families and professionals. Construction started in Q1 2024, with the first homes expected to be available in Q2 2026.
Residents will benefit from a comprehensive suite of on-site amenities, including communal lounges, reception areas, co-working space, a gym and fitness studio, a roof terrace, cycle storage, and a 200-space car park. Notably, Podium will also feature the largest communal landscaped green areas of any BTR development in Manchester.
A strong focus on sustainability is integrated through an ESG-linked development agreement. Over 95% of homes are designed to achieve a minimum EPC B rating, with net zero operational carbon targeted via full electrification. Further green measures include recycled building materials, cement replacements, photovoltaic roofing, electric vehicle charging points, and a focus on biodiversity net gain.
Podium is strategically located within Lumina Village, forming part of Trafford’s wider 55-acre Civic Quarter masterplan. This major regeneration project, situated near Manchester United’s Old Trafford football stadium and adjacent to the Old Trafford cricket stadium, plans to deliver up to 4,000 new homes, alongside significant new public spaces, green areas, and over 46,451 m2 of mixed commercial space.
Charles Ferguson-Davie, co-CEO & CIO, Moorfield Group, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor who understand the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies. This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate. There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.”
Cllr Eleanor Wills, chair of the Greater Manchester Pension Fund and executive leader of Administering Authority (Tameside), commented: “I am proud that the Greater Manchester Pension Fund, alongside Moorfield, GMCA and Trafford Council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester.  The strategy supports the government’s plan to provide much-needed homes that are affordable to young families and those looking to get their first step on the housing ladder, whilst enabling us to secure the pensions of our members.”
Colin Thomasson, head of UK Investment Properties at CBRE, added: “Demand/supply dynamics within the wider UK housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF.”
Podium marks Moorfield's third foray into Manchester's BTR market. Previously, the group developed and subsequently sold The Trilogy (in Castlefield, 2021) and Duet (in Salford Quays, 2022), both of which were part of a larger BTR portfolio of over 1,000 homes assembled between 2012 and 2017.
Meanwhile, GMPF is actively committed to supporting new housing development across the region, such as a £100 mln (€115 mln) pledge to Legal & General’s Affordable Housing Fund, and a recent joint venture with Manchester City Council’s housing company, This City, aimed at delivering 1,600 affordable homes within Manchester.