CBRE Investment Management has acquired a UK single-family housing portfolio and launched a new residential strategy with developer and operator Moda Living.
The real estate fund manager has bought the 222 homes in the South East of England from UK house builder Bellway.
The portfolio comprises a mix of completed homes and forward-funded developments across three sites in Stevenage, Milton Keynes and Burgess Hill.
The portfolio will act as the seed investment for CBRE IM’s newly launched single-family housing strategy, which will seek to develop and operate high-quality, professionally managed family rental homes in structurally undersupplied UK markets.
Homes within the portfolio will be operated by Moda Living.
Tom James, head of UK transactions at CBRE IM, said: “This is an exciting addition to our residential platform and a great first step in growing our single family housing strategy, delivering high-quality houses on attractive sites in locations where demand for best-in-class, professionally-managed rental housing continues to outstrip supply.
“Working alongside Moda Living, we are building a platform designed to deliver at scale, both in terms of operational execution and investor outcomes, focused on homes that meet the evolving needs of renters and generate sustainable income over time.”
Johnny Caddick, CEO of Moda Living, said: “These first acquisitions are an important milestone for the platform and reflect the progress we’ve made since launching the partnership earlier this year.
“Demand for professionally-managed rental homes continues to outstrip supply and, with the backing of committed, long-term capital and Moda’s integrated development and operational platform, we’re well placed to help address that challenge.”
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