Homes England, Greater Manchester and West Yorkshire Pension Funds provide £96.7 million for Leeds residential scheme
Source: gov.uk (2025-03-28)

Funding for Barings, a large diversified real estate manager, to develop a major residential scheme near Leeds city centre

Homes England, Greater Manchester Pension Fund (GMPF) and West Yorkshire Pension Fund (WYPF) will provide a £91 million loan over a four-year term. In addition to this, the West Yorkshire Combined Authority has provided a £5.7 million grant from its brownfield housing fund.

The scheme is being developed as a joint venture with Glenbrook, a leading UK residential developer, which will retain a stake in the project and act as development manager.

Located on Kirkstall Road, the scheme will deliver 618 one, two and three-bedroom apartments set across five buildings sitting in extensive landscape grounds, including a new public realm, next to the River Aire.

The five-acre site will include over 10,000 square feet of amenity space, including a residents’ lounge, co-working area and gym, two private roof terraces and 3,800 square feet of commercial space. Construction has begun and is expected to be completed by the end of 2027.

Located just one mile from Leeds city centre and within walking distance of Wellington Place - a key commercial hub - the site offers excellent connectivity. Leeds Central railway station is approximately one mile away, while both the University of Leeds and Leeds Beckett University are easily accessible.

Nigel Barclay, Director of Loans at Homes England, said:

As the Government’s housing and regeneration agency, we are committed to working in partnership with organisations in both the public and private sector, to achieve their ambitions and develop much needed new homes across the country.

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, said:

The Kirkstall Road scheme represents exactly the kind of high-quality, well-located residential investment we seek on behalf of our partners.

With the support of Homes England, GMPF, and WYCA, and through our joint venture with Glenbrook, we are delivering a best-in-class residential scheme that will provide much-needed new homes while creating long-term value for our investors.

Darran Ward, Head of Alternatives at West Yorkshire Pension Fund, said:

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.

This project reflects our commitment to investing in our home market whilst ensuring returns for our members.

ENDS

About Homes England

We are the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.

We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.

Learn more about us: https://www.gov.uk/government/organisations/homes-england/about

Press Office Contact Details

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For Barings

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Barings Real Estate

Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.

About Barings

Barings is a $421+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of December 31, 2024

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com (http://www.cbre.com).

About West Yorkshire Brownfield Housing Fund

For more information about the Brownfield Housing Fund, visit: West Yorkshire Mayor’s £89 million investment to unlock 5,400 new homes (https://www.westyorks-ca.gov.uk/all-news-and-blogs/west-yorkshire-mayor-s-89-million-investment-will-help-unlock-5-400-new-homes/).