UK: BTR operator Moda Living has acquired six sites for a move in to the London coliving space.
The six initial sites could accommodate up to 2,600 rental units for shared living, and Moda is in negotiations for several more sites.
From 2022 Moda aims to develop around 1,000 coliving homes per year, primarily in London and the south-east. It eventually intends to have a portfolio of 10,000 rental homes with a GDV of £3.5 billion.
It has appointed a dedicated coliving development team based in London. The coliving units will be part of Moda’s existing BTR portfolio and will feature amenities such as gyms, co-working spaces and 24/7 on-site teams.
Moda Living managing director Johnny Caddick said: “There is a rental revolution happening and years of planning and preparation mean Moda Living is positioned to lead the charge in creating outstanding homes for people of all ages and requirements. This is a crucial step in the business’s journey and we look forward to seeing the new communities come to life.”
James Edwards, development manager for Moda’s coliving platform, said: “Coliving is an exciting market with huge potential and complements Moda’s existing portfolio of thriving rental communities. We are extremely excited about working in this space and look forward to embracing the many opportunities the platform will offer, as well as creating best-in-class studio homes for the next generation of renters.”
