Harrison Street, Apache Capital and NFU Mutual’s UK build-to-rent (BTR) project funding partnership has supported Moda Living’s £302m (€344m) Great Charles Street scheme in Birmingham.

The partnership, formed in 2018, has agreed to fund the 722-home development in Birmingham, in a transaction that represents the largest UK regional BTR funding deal. 

Moda will develop, manage and operate Great Charles Street, which is expected to begin phased delivery in October 2025.

With the latest deal, the partnership has now funded six assets across the country, representing a total of 3,050 homes.

Paul Bashir, CEO of Harrison Street’s European business, said: “The Birmingham market is backed by strong demographics, with the greatest concentration of businesses outside of London and home to many leading universities.

“This transaction underscores our continued efforts to invest in premium BTR assets in leading markets across Europe.”

John Dunkerley, CEO at Apache Capital, said: “Today’s announcement – the largest regional BTR funding deal to date – underlines our conviction in BTR as a major institutional asset class. It also demonstrates the enduring appeal of our highly amenitised, highly serviced model, which has been proven by the success of our first Birmingham asset, The Mercian.”

Tom Bostock, property investment manager at NFU Mutual, said: “We are pleased to expand our build-to-rent joint venture with Apache Capital and Harrison Street. High-quality, purpose-built rental accommodation, such as our Great Charles Street development, provides long-term, steady income streams, while helping major cities like Birmingham attract and retain talent.”

Johnny Caddick, CEO at Moda Living, said: “This is a huge moment for Moda Living, securing what is the market’s largest-ever regional deal for a BTR asset. It’s a testament to the teamwork of our team and partners Harrison Street, NFU Mutual and Apache Capital that have worked tirelessly to overcome multiple headwinds and get this over the line.”

Ian Ward, leader at Birmingham City Council, said: “Moda’s development at Great Charles Street will deliver much-needed new homes to Birmingham and will be central to the ongoing transformation of the city centre.”

Will Jordan, partner at Knight Frank, said: “This is a landmark deal for the UK’s BTR market. As the biggest agreement ever signed outside of London, Moda, Harrison Street, NFU Mutual and Apache have blazed a trail in what is a huge show of confidence for a market that continues to go from strength to strength despite challenging economic headwinds.

“We’re delighted to have advised the parties to help them reach this fantastic milestone, and we look forward to seeing Great Charles Street delivered in what will be a majorly beneficial addition to the Birmingham skyline.”

To read the latest edition of IPE Real Assets magazine click here.  

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