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UK: Apache Capital Partners has appointed CBRE to conduct a strategic review of a 2,278 build-to-rent (BTR) portfolio valued at more than £860 million.
The review covers five assets – The McEwan in Edinburgh, Holland Park in Glasgow, New York Square in Leeds, The Mercian in Birmingham and The Lexington in Liverpool, all of which are operated by Moda Living.
CBRE has been instructed to develop a disposal strategy and the process is now under way.
A spokesman for Apache and its investors, which include NFU Mutual and Harrison Street, said: “We are pleased to have appointed CBRE to explore strategic options for the portfolio at a time when global capital is increasingly seeking exposure to residential real estate. These are best-in-class assets in strong city centre markets – a portfolio that would be near impossible to replicate today. We believe the portfolio represents a unique opportunity for institutional investors to acquire real operational scale in UK living.”
Apache was an early mover in the UK build-to-rent sector, playing a central role in helping to establish Moda Living. Acting as investment manager, the firm co-founded the operating company Moda Life Management Limited. Moda Living is now fully owned by The Caddick Group.
Later it launched Present Made, its in-house operating platform, which works in partnership with major housebuilders, exploring both single-family and multifamily opportunities. Apache’s first single-family housing scheme, Present Made – Eddington, in Cambridge, is backed by Nuveen.
Highlights:
- Apache Capital Partners has appointed CBRE to conduct a strategic review of a 2,278 build-to-rent (BTR) portfolio valued at more than £860 million.
- The review covers five assets – The McEwan in Edinburgh, Holland Park in Glasgow, New York Square in Leeds, The Mercian in Birmingham and The Lexington in Liverpool, all of which are operated by Moda Living
- Apache is behind Present Made, its in-house operating platform
