Ares Management Corporation and Moda Living have partnered to develop over a billion pounds worth of single-family homes (SFH) across the UK.
Ares is investing through a fund managed by its real estate arm to launch the new build-to-rent SFH platform.
The partnership, which will work with Caddick Construction and other local developers, will target the delivery of over 5,000 homes with a gross development value in excess of £1bn (€1.2bn) by the end of 2025.
The first sites for the first 1,000 homes have been secured and construction is due to start in the first quarter of next year, the companies said in a joint statement.
John Ruane, partner and co-head of Ares European Real Estate, said: “This partnership represents yet another example of how we are executing on our European rental residential strategy.
“We have focused on creating platforms in undersupplied markets at affordable price points where demand is greatest.”
Johnny Caddick, director of Caddick Developments and CEO at Moda, said: “We believe that now is the right time to launch a unique product into this space with a point of difference and we foresee strong nationwide demand for the offer.
“The single family housing proposition focuses on great lifestyle with great service. We believe this offers people more than bricks and mortar and genuine pride of place for the long-term.”
Dan Brooks, director of operations at Moda, said: “There is high demand for well-designed, professionally managed single family homes in strategic locations that are also – crucially – price accessible. This is what we are delivering with this new venture.”
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