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UK: JV partners Harrison Street, NFU Capital and Apache Capital are seeking up to £450 million of senior debt to refinance a five-property build-to-rent (BTR) portfolio.
Following a strategic review by CBRE earlier this year, which initially looked at the possibility of selling the portfolio, Art Capital has been appointed to bring in fresh capital for the 2,300 homes in Liverpool, Birmingham, Edinburgh, Glasgow and Leeds. The assets are thought to be worth in the region of £800 million. They were developed and are operated by Moda.
The JV between Harrison Street, NFU Capital and Apache Capital was formed in 2018 to fund premium BTR developments across the UK.
Its first BTR asset, The Mercian in Birmingham, was developed by Moda and comprises 481 homes with a GDV of £195 million. In 2023, the JV funded Moda Living’s 722-home Great Charles Street project, also in Birmingham, with a GDV of £260 million.
Other schemes funded by the JV include the 524-unit Moda The McEwan in Edinburgh (GDV £203 million); the 325-unit Moda The Lexington in Liverpool, (GDV £103.5 million); the 515-unit Moda New York Square in Leeds, (GDV £152 million); and the 433-home Moda Holland Park in Glasgow (GDV £126 million).
Highlights:
- Harrison Street, NFU Capital and Apache Capital are seeking up to £450 million of senior debt to refinance a five-property build-to-rent (BTR) portfolio
- Following a strategic review earlier this year, Art Capital has been appointed to bring in fresh capital for the portfolio of around 2,300 homes in Liverpool, Birmingham, Edinburgh, Glasgow and Leeds
- The assets are thought to be worth in the region of £800 million
- They were developed and are operated by Moda
