Global investment firm KKR and property management company Moda Living have partnered to launch a new platform with the aim of building 5,000 homes. The pair’s first investment is a build-to-rent project in Birmingham.
The latest venture takes Moda’s overall development pipeline to more than 18,400 units with a GDV of about £6bn.
The partnership is set to make its debut development in Birmingham, where it will complete a 398-home neighbourhood at New Garden Square in Edgbaston.
Moda and KKR have acquired the two-acre site from Calthorpe Estates, with Moda working with Court Collaboration, a Birmingham-based developer, on design and procurement to bring forward the scheme.
The neighbourhood will sit within Calthorpe Estates’ Edgbaston Village regeneration, which will provide homes, retail and leisure amenities to the Birmingham quarter set around a new garden square.
Tony Brooks, managing director at Moda Living, said: “We are thrilled to be launching a new living platform with KKR, who share our vision of creating and running state-of-the-art rental communities to cater to all demographics.
“They are a fantastic global strategic partner, and with our joint ambition and complementary skill sets, we are in a strong position to roll out our strategy across the UK.”
Anthony Court, managing director of Court Collaboration, added: “New Garden Square is a truly exciting scheme for our city and we’re delighted to see the development progressing with Moda Living.
“Both companies have so much love for Birmingham; a city well and truly on the up and we are thrilled Moda and KKR have bought into our ambition here.”
KKR’s investment in Moda Living was made via its second dedicated European real estate fund, KKR Real Estate Partners Europe II (REPE II). In July 2021, KKR announced the final closing of REPE II, a $2.2bn fund dedicated to real estate investments in Western Europe.
Rosa Brand, director at KKR, said: “Build-to-rent residential remains a priority sector for us in Europe, and we are very excited to create a unique, best-in-class portfolio with our strategic partners Moda Living.”