Moda secures funding for 722-home Birmingham build-to-rent scheme

Harrison Street’s joint venture with Apache Capital and NFU Mutual has received a £188m five-year whole-loan facility from Precede Capital for Moda Living’s £302m GDV Great Charles Street scheme, a 722-home build-to-rent development in Birmingham. The joint venture, which was formed in 2018 to fund premium BTR developments across the UK, now has six assets, representing a total of 3,050 homes. The debt funding forms part of the overall funding package for Great Charles Street, with equity being provided by Harrison Street, Apache Capital and NFU Mutual. It is the largest regional BTR funding deal completed in the UK. Moda will develop, manage and operate the scheme, which is set to begin phased delivery in October 2025 and will prioritise leading ESG certifications. The development will provide 722 homes for rent, ranging from studios to three-bedroom apartments, and is located in Birmingham’s Jewellery Quarter district. Great Charles Street will also provide resident amenities such as a rooftop terrace and barbeque areas, a gym with personal training and classes, bicycle storage, washing and repair station, residents’ lounges, private dining, a cinema room, meeting rooms, co-working space and secure parking, as well as a 24-hour concierge and onsite security. Paul Bashir, chief executive of Harrison Street’s European business, said: “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.” Apache Capital chief executive John Dunkerley 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.” David Jerrard, chief credit officer at Precede Capital, said: “This latest loan, which is our inaugural deal in the Midlands, is testament to our ability to deliver sophisticated financial solutions for experienced sponsors and developers across the UK.” See more investment information for Birmingham>> To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image © Moda