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UK: Developer/operator Moda and asset manager Aermont have acquired a site in in Hammersmith, west London, for a £300 million PBSA scheme.
The JV partners acquired the site from Malaysian investor Eastern & Oriental. Two office blocks, Thames Tower and Landmark House, previously stood on the site before they were demolished in 2020.
The final purchase price for the acquisition is expected to be between £75 million and £90 million, depending on the planning outcome and number of student beds achieved in any subsequent planing consent. The deal includes a 36-month long-stop date.
The site is currently temporarily leased for storage and parking, and no valuation was carried out for the purpose of the recent sale.
Moda owns and operates around 5,000 build-to-rent (BTR) and single-family private rented homes. It is expanding into PBSA, with its first schemes launching in 2027.
Highlights:
• Developer/operator Moda and asset manager Aermont have acquired a site in in Hammersmith, west London, for a £300 million PBSA scheme
• The JV partners acquired the site from Malaysian investor Eastern & Oriental
• The final purchase price for the acquisition is expected to be between £75 million and £90 million, depending on the planning outcome and number of student beds achieved in any subsequent planing consent
