Moda Living’s Multi-Billion BTR Platforms With KKR and Apache

In UK DWF, advised on the matter.

DWF advised Moda Living with a team including Laurence Applegate (Corporate M&A), Paddy Eaton (Corporate M&A), Andrew Flounders (Picture – Real Estate), Guy Rusling (Real Estate).

The deal involves two new major investment platforms that target different parts of the sector, backed directly by KKR and then a separate platform with KKR and Apache Capital respectively. 

In the first of these platforms, Moda Living has teamed up with KKR on a £1bn “condensed amenity” rental offering. The long-term platform is to deliver an initial 5,000 new homes, starting with 398 units at the New Garden Square project, in Edgbaston.

The second planned £1.7bn development platform, involving KKR and Apache Capital, will cover core cities, with prime sites identified in Birmingham, Brighton & Hove, Yorkshire and London. Homes will be built to the latest design specifications, with the highest levels of on-site amenities and service provision for residents. 

The new platforms which now include funding from Harrison Street, NFU, KKR and Apache Capital follows the success of Moda’s second operational multifamily BTR scheme, Moda, The Lexington, in Liverpool, where 65% of apartments are already leased four months after launch. Moda’s flagship scheme, Moda, Angel Gardens, in Manchester, is fully stabilised, having set new sector benchmarks for rents achieved.

This takes Moda’s overall rental platform to 20,000 homes across the UK with a GDV of c. £6bn and £1.5bn of live projects on site. 

DWF’s multi-disciplinary team advised on all of these projects, led by Leeds-based Real Estate partners Andrew Flounders (Picture) and Guy Rusling, London Corporate partners Paddy Eaton and Laurence Applegate and Finance directors Jenny Crew and Alan Glen (Leeds and Glasgow). 

Involved fees earner: Laurence Applegate – DWF; Jenny Crew – DWF; Paddy Eaton – DWF; Andrew Flounders – DWF; Alan Glen – DWF; Guy Rusling – DWF;

Law Firms: DWF;

Clients: Moda Living;

Author: Giulia Di Palma