Manchester property developer to find funding partner

A Manchester developer is on the verge of securing a funding partner for construction projects across the region.

Forshaw looks set to team up with AND Capital Ventures, a private equity firm based in Canada. The two companies have inked a letter of intent, but a final contract is still to be signed. If it goes ahead, the deal will provide Forshaw with financing of £185 million that will be spent on the construction of residential developments. These would be built in Manchester, but also throughout the North of England as a whole.

The plan is for Forshaw to be in charge of finding suitable land, managing the construction process and the assets. Meanwhile AND Capital Ventures will be responsible for raising any necessary additional capital and forming investment funds.

Lyndon Forshaw is the chief executive for the property developer. Talking to Construction Enquirer, he said it would be a gamechanger for the company. He then went on to say that it would solve the perennial problem of financing, before adding:

“With AND Capital’s support, we will be able to significantly increase both the scale and number of projects we deliver, while expanding into new asset classes.”

At the moment, the agreement is not binding. However, the remaining issues are expected to be ironed out during the next few months. This will allow Forshaw to move forward with planned projects like a Manchester residential block.

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