Apache Capital Partners has been given £85m (€96.6m) in finance from pbb Deutsche Pfandbriefbank for a UK private-rented-sector (PRS) scheme.

The Middle-Eastern-backed investment manager’s joint venture with operator Moda Living has been given senior debt financing for its Angel Gardens project in Manchester.

Richard Jackson, co-founder and managing director at Apache Capital, said the firm had seen “strong and growing appetite” from international and domestic banks, institutions and insurers for the financing opportunity, which has a four-year term.

The 466-apartment scheme is due for completion in 2019-20.

Apache Capital created a joint venture with Moda Living in May 2015

The partnership has around £1bn in its development pipeline.