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Thu October 17 2019

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Moda Living secures US investment for build-to-rent roll-out

11 Oct 18 The developers of an £80m build-to-rent tower block in Liverpool have secured investment to start a further six such developments around the UK in the next 20 months.

Lexington Liverpool
Lexington Liverpool

Moda Living and its backers Apache Capital have secured new institutional investment from Chicago investment house Harrison Street Real Estate Capital and from the National Farmers Union Mutual (NFUM). The backing will fund seven new city centre build-to-rent schemes, including the Liverpool Lexington that is already under construction.

A new joint venture between Apache Capital and Harrison Street, with additional investment from the NFUM, will support Moda’s plans to deliver more than 7,000 rental apartments. It is being billed as one of the most significant deals ever completed in the build-to-rent sector and is the first time the NFUM has invested in build-to-rent.

Moda Living has a £2bn pipeline of homes for rent. The next six developments will be in Broad Street in Birmingham, Springside in Edinburgh, Holland Park in Glasgow, New York Square in Leeds and two sites in London.

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Moda Living and Apache’s Angel Gardens development in Manchester, which opens next year, is not included in the new investment platform.

Johnny Caddick, managing director of Moda Living, commented: “This is a huge milestone for Moda that will underpin the creation of thousands of new homes for rent, supporting major investment into many of the UK’s major cities. This funding announcement underlines the calibre of Moda’s offer and also shows how confidence in build-to-rent continues to grow. We’re delighted that Moda is part of amazing regeneration stories in the centre of Leeds and in prime positions across Manchester, Liverpool and Birmingham. Being able to attract long-term, institutional capital is crucial if we are to build more homes. This is a major vote of confidence in build-to-rent and proof positive that Moda is well positioned to continue expanding and look at further acquisitions over the coming year.”

Rob Mathias, senior managing director at Harrison Street, said:  “We have been closely watching the UK residential market for some time, and are pleased to bring the experience we have acquired investing in and developing high-quality purpose-built student accommodations across the UK, to this venture. The JV’s pipeline is very strong and we look forward to evaluating these additional attractive properties as we seek to identify new investment avenues for our clients.”

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