Vita Group secures £136.8m Maslow refinance for Manchester towers 2026

Key Points

• Maslow Capital has arranged a £136.8 million refinancing deal with the North and East residential towers at Circle Square in Manchester as security for the deal.
• The financing will help Vita Group to pay off existing debts and buy out its 50% stake of its joint venture partner, making both towers fully owned by Vita.
• This loan finances the sale of 487 completed and tenanted flats as well as 14 ground floor commercial units in the two towers.
• According to Matt Pigram, senior director of origination at Maslow Capital, Circle Square is an income-producing asset that is already complete and located in one of the best locations in Manchester.
• “Large completed residential schemes are becoming increasingly reliant on funding solutions to provide bridging between practical completion and unit sales,” stated Daniel Murray, senior director of short-term finance at Maslow Capital.
• “For us, the acquisition of these towers in full ownership by Vita was a natural step forward due to our history with Circle Square,” said Peter Shipley, finance director at Vita Group.
• The two towers stand on a former BBC site on Oxford Road and are part of a mixed-use scheme with residential, Grade A offices, retail and leisure facilities.

Manchester (Manchester Mirror) October 06, 2026 – Real estate finance provider Maslow Capital has completed a £136.8 million refinance facility for Vita Group, secured against the North and East residential towers at Circle Square on Manchester’s Oxford Road corridor. The transaction repays the towers’ existing debt and funds Vita’s purchase of its joint venture partner’s stake, bringing both buildings under full Vita ownership while supporting the phased sale of 487 completed and let apartments and 14 ground-floor commercial units.

What is the Maslow Capital £136.8m Circle Square refinance?

The Maslow Capital £136.8m Circle Square refinance is a short-term facility structured around an operating, income-producing residential asset rather than a construction programme. As reported by Marvin Onumonu of The Intermediary, Maslow Capital said the loan refinanced existing debt on the North and East Towers and supported Vita’s acquisition of its joint venture partner’s interest, consolidating ownership under Vita Group. PropertyWire reported that the facility also enables the continued marketing and sale of individual apartments as furnished, buy-to-let investments while rental income services the debt during the sales period.

How does the facility support Vita Group’s ownership and sales strategy?

According to Property Reporter, Vita Group is selling the apartments fully furnished as income-producing investments, citing demand from both UK and international buyers. The refinance provides the capital flexibility to take full control of the towers, repay prior borrowing and proceed with a staged disposal programme without disrupting the buildings’ operational performance. Peter Shipley, finance director at Vita Group, told The Intermediary that these are high-quality, established assets and that the Maslow facility gives Vita the flexibility to execute the next phase of its strategy while continuing to operate the buildings as successful, income-producing investments.

What are the features and amenities at Circle Square towers?

The North and East Towers at Circle Square offer a range of resident amenities, including a 24-hour concierge, private dining rooms, a cinema room and communal lounges. The North Tower additionally includes a gym and co-working space, supporting both lifestyle and flexible working needs for residents. Vita Group develops and operates purpose-built student and residential assets across the UK and Europe, and the Circle Square scheme forms part of its wider urban regeneration portfolio in Manchester.

Where is Circle Square located and who built the towers?

Circle Square is situated on the former BBC site on Oxford Road, within walking distance of the University of Manchester, Manchester Metropolitan University and the city’s central business district, with Oxford Road railway station approximately one minute away. The mixed-use development combines residential units with Grade A office space, retail and leisure uses, and public open space centred on Symphony Park. John Sisk & Son constructed the North and East Towers, which achieved practical completion in 2021, according to PropertyWire and Property Reporter.

What have Maslow Capital and Vita Group said about the deal?

As reported by PropertyWire, Matt Pigram, senior director of origination at Maslow Capital, said: “Circle Square is a completed, income-producing asset in one of Manchester’s strongest city-centre locations, with a unit sales programme that was already well progressed.” He added that the facility gives Vita the flexibility to refinance, take full ownership of the towers and continue executing its strategy for the assets, with rental income servicing the debt in the meantime.

Daniel Murray, senior director of short-term finance at Maslow Capital, explained to Property Reporter that large completed residential schemes increasingly need funding that bridges the period between practical completion and the sale of the final units. He said Maslow’s short-term finance offering is designed for this purpose and that working with a sponsor it knows well on an asset of this scale allowed the lender to deliver a substantial facility within the borrower’s timetable.

Peter Shipley, finance director at Vita Group, noted that bringing the North and East Towers into full Vita ownership was a natural opportunity given the company’s long-standing history with Circle Square. He added that Vita’s established relationship with Maslow, and the lender’s understanding of both the business and the assets, helped deliver the transaction efficiently.

What is the wider context of Maslow Capital’s Manchester activity?

Maslow Capital has previously financed Select Properties’ Port Street and City Suites 2 schemes in Manchester, indicating an established presence in the city’s residential finance market. The lender describes itself as a pan-European provider of bridging and development finance, offering structured credit solutions across bridging, refurbishment, developer exit, development and stabilisation facilities.

Background to the Circle Square development and ownership changes

Circle Square emerged as a flagship mixed-use regeneration project on Manchester’s Oxford Road corridor, transforming the former BBC site into a combination of residential, office, retail and leisure space with significant public realm. The North and East Towers, built by John Sisk & Son and completed in 2021, form the residential core of the scheme. Prior to this refinance, the residential element was held in a joint venture between Vita Group and the Greater Manchester Pension Fund (GMPF). In late September 2026, GMPF completed the sale of its 50% interest in the build-to-rent element of Circle Square to Vita Group, marking the realisation of GMPF’s investment through its Greater Manchester Property Venture Fund. The Maslow Capital facility then provided the refinancing and acquisition funding required for Vita to consolidate full ownership and manage the ongoing sales programme.

Prediction: How could this development affect investors and the Manchester residential market?

For buy-to-let investors, the Maslow Capital £136.8m Circle Square refinance signals that completed, income-producing residential towers in prime Manchester locations can access tailored short-term finance to support phased sales without disrupting rental operations. If similar structures are replicated across other large schemes, it could encourage more institutional and private investors to consider Manchester city-centre apartments as stable, yield-generating assets during the sell-down period. For the wider Manchester residential market, efficient refinancing of major developments may help maintain transaction momentum and support price stability in the city centre, particularly where rental demand remains strong and sales programmes are already advanced.