A joint venture (JV) between with Harrison Street, Apache Capital and NFU Mutual has agreed to finance a 722-home build-to-rent (BTR) development, Great Charles Street, in Birmingham, UK.
The £302m GDV scheme will be developed and operated by Moda Living.
The announcement marks the largest regional BTR funding deal completed in the UK, according to the JV.
The JV, which was formed in 2018 to fund premium BTR developments across the UK, now includes six assets, representing a total of 3,050 homes. In addition to Great Charles Street, current projects include The Mercian, also in Birmingham, The McEwan in Edinburgh, The Lexington in Liverpool, New York Square in Leeds, and Holland Park in Glasgow.
John Dunkerley, CEO at Apache Capital, said: “Today’s announcement – the largest regional build-to-rent funding deal to date – underlines our conviction in build-to-rent as a major institutional asset class. It also demonstrates the enduring appeal of our highly amenitised, highly serviced model, which has been proven by the success of our first Birmingham asset, The Mercian. In Harrison Street, NFU Mutual and Moda Living, we have a set of experienced partners that have helped us build a market-leading platform and we are pleased to have expanded it with this transaction.”
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said: “We’re thrilled to expand our partnership with Apache, a leading investor in the premium UK build-to-rent space and Moda, a leading developer in the UK and pioneer in the build-to-rent sector, to bring this development to Birmingham. The Birmingham market is backed by strong demographics, with the greatest concentration of businesses outside of London and home to many leading universities. This transaction underscores our continued efforts to invest in premium BTR assets in leading markets across Europe.”
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