Developer Casa by Moda has secured an initial £60 mln (€70 mln) debt facility from NatWest, with the ability to increase to £150 mln, to finance the delivery of new homes for rent across the UK.
The commitment from NatWest will form part of Harrogate-headquartered Casa’s funding package and will help spearhead the brand’s expansion, supporting the delivery of over 1,100 new rental homes in the UK’s single family homes (SFH) sector.
Homes will be built at sites in Yorkshire, the North West, and Midlands.
The deal follows Casa’s recent acquisition of 223 new homes in Kirkstall, Leeds from housebuilder Artisan to create its Casa, Abbey Court neighbourhood, and in a first for the Glasgow region, the purchase of 156 homes from CCG Homes to create Casa, Vista Park, a new neighbourhood located to the east end of the city.
Johnny Caddick, chief executive at Moda Living, said: 'This new funding package from NatWest is a major milestone in Casa’s growth trajectory. This year we will welcome our first residents into our neighbourhoods in both Glasgow and Leeds, but we’re also gearing up our programme of delivery which will see us achieve our aim of securing more than 5,000 new homes by 2025.'
He added: 'Looking forward, we have ambitious plans and are actively seeking new opportunities and partners across the UK; from housebuilders to local authorities and landowners, to deliver the new high quality, well managed suburban rental homes that are needed to match the growth in demand.'
Charlie Foster, head of real estate at NatWest, said: 'It is exciting to see our debt facility assist with the provision of new build homes into the Glasgow and Leeds markets, where residents will benefit from Casa’s institutional quality management. NatWest have a long history of backing the UK residential sector across all tenures, and our support for the emerging single-family rental sector is a continuation of that commitment.'
