Forshaw Land & Property Group has signed a letter of intent with Canadian investor AND Capital Ventures to create a closed‑ended fund worth £185m aimed at accelerating delivery of homes, private rented sector units and hotel rooms across the North of England, according to the companies.
What each partner will do
Under the agreement, Forshaw will be responsible for sourcing development sites, managing project delivery and overseeing assets after completion. AND Capital Ventures will take charge of raising institutional capital, investor relations and formal fund formation.
| Partner | Primary responsibilities |
|---|---|
| Forshaw Land & Property Group | Sourcing sites, developing and delivering projects, post‑completion asset management |
| AND Capital Ventures | Capital formation, investor relations, raising institutional capital |
Manchester in focus
Both parties highlighted Manchester as one of the main attractions for the fund. AND Capital chief executive Teruel Carrasco described the city as "having a moment", saying it now behaves like a capital city and is drawing institutional interest.
“Manchester is having a moment. This is a city that now behaves like a capital city in its own right, and the capital markets are responding.”
Carrasco pointed to what he called sustained institutional demand, a large regeneration pipeline and a deep talent and development ecosystem as reasons for targeting the city and the wider region.
Track records and scale
AND Capital head of capital formation David Chung underlined Forshaw’s track record, saying the developer has spent nearly 20 years building the kind of operational record that institutional investors look for. He said combining that operating experience with a dedicated capital vehicle should provide a competitive edge in the regional market.
Forshaw chief executive Lyndon Forshaw described the arrangement as a "transformational moment" for his company, noting that access to funding is a major constraint for small and medium‑sized developers. With AND Capital’s backing, he said Forshaw expects to increase the scale and pace of its delivery.
Fund strategy and product types
The fund is described as residential‑led but broad in scope, supporting private rented sector (PRS) schemes, mixed‑use developments and projects that include hotel accommodation. The close‑ended structure suggests the partners intend to assemble a finite portfolio of assets rather than running an open, perpetual vehicle.
- Size: £185m closed‑ended fund
- Focus: Residential‑led projects across the North of England, including PRS and mixed‑use developments
- Roles: Forshaw to manage development and operations; AND Capital to structure and raise institutional capital
Implications for the region
For the North of England, the new fund signals continuing institutional appetite for regional housing and regeneration projects. For SME developers, the tie‑up underlines the potential advantages of partnering with institutional capital to overcome funding constraints.
While both parties celebrated the agreement at an event where senior figures from each firm attended, the letter of intent is an early step. Formal fund formation, capital raising and the identification of specific projects will determine how quickly the partnership translates into bricks on site.
The announcement comes amid a broader shift in the UK property market where investors have shown renewed interest in regional cities with large pipelines of regeneration projects. For developers with local delivery experience, access to institutional capital can be decisive in scaling up beyond the SME sector.
As the fund progresses from intent to execution, stakeholders will be watching for the first site acquisitions and scheme approvals to see whether the partnership accelerates housing delivery in Manchester and other northern cities.
