Business

McAleer and Rushe seals £100m AIG funding deal in Birmingham

The Onyx sky scraper built by McAleer and Rushe in Birmingham

TYRONE construction group McAleer and Rushe has announced a major £100m funding deal in Birmingham.

The Cookstown-based firm's newly rebranded property division, MRP, revealed the forward funding deal with AIG Global Real Estate, as it nears completion of the ‘Onyx' student complex at Lancaster Circus in the centre of Birmingham.

McAleer and Rushe started work on the 1,025-bed project in May 2018. It's due for completion next summer.

Graham Mitchell, development director at MRP, said: The Onyx represents a significant landmark project which sets new benchmarks, offering a combination of features including height, landscaping, specification and scale not previously seen in the city.

“We are delighted to have concluded forward funding contracts with such a high-profile investor as AIG Global Real Estate for this prominent building and look forward to the opening in summer 2020.”

CBRE Oli Buckland of CBRE, who acted on behalf of MRP, added: “This announcement is testament to the strength and credibility of the delivery team, along with the fundamentals of the physical scheme, that even in the uncertainty of the current economic climate, CBRE have been able to help secure a sale of this kind to an institutional forward funding partner in AIG Global Real Estate.”

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