Private rented sector developer Moda Living has agreed a joint venture with a Middle Eastern funder that will allow it to start building apartments for rent in Manchester and Leeds.
Funding from Apache Capital Partners has been agreed for a potential £1 billion joint venture, kicking off with Moda’s 458 apartments at its Angel Gardens development in Manchester which has backing of £130 million from Apache.
Moda is a joint venture between Caddick Developments and Generate Land, and the pair are assembling a pipeline of projects around the UK to build further rental apartments. These include:
• Vauxhall Sky Gardens which will create 240 apartments in London, for completion in 2017
• Liverpool Waters with 325 flats in a 40 storey tower, due to complete in late 2017
• Quarry Hill and City One in Leeds, with the potential for more than 1,900 apartments.
The pair are already talking about building scale, before considering an exit possibly via a Reit, or an IPO on the stock market.
More on Moda here.