Developer Moda Living has secured funding for its 35-storey residential tower at Liverpool Waters as part of a wider deal with NFU Mutual and US firm Harrison Street, with the project set to complete in 2020.
Moda has secured institutional investment from the National Farmers Union Mutual, while its joint venture partner on its PRS offering, Apache Capital Partners, has also partnered with US-based Harrison Street to agree a funding package.
The deal represents the first time that NFU Mutual and Harrison Street have invested in the UK’s build-to-rent market.
Plans were approved the £80m tower, named The Lexington, in September 2016; it will be the tallest of three residential towers to be delivered at Liverpool Waters.
In January, Place North West revealed contractor BCEGI would be delivering the scheme, and the contractor is now on site on a construction programme that will run for around 18 months to two years.
Two other projects are coming forward in the immediate vicinity: the 15-storey, £21m Plaza 1821, which is being built by Forrest for clients Peel Land & Property and Regenda Group; and Hive City Docks, a 31-storey tower for Your Housing Group, which is yet to start on site, although ISG is preferred bidder.
Alongside The Lexington, Moda’s funding deal includes six other sites in the UK – one in Leeds, one in Birmingham, two in Scotland, and two in London.
Angel Gardens in Manchester, currently being built by Moda and its parent company Caddick Construction, is not part of the funding deal with NFU Mutual and Harrison Street.
Johnny Caddick, managing director of Moda Living, said: “This is a huge milestone for Moda that will underpin the creation of thousands of new homes for rent, supporting major investment into many of the UK’s major cities. This funding announcement underlines the calibre of Moda’s offer and also shows how confidence in build-to-rent continues to grow.
“We’re delighted that Moda is part of amazing regeneration stories in the centre of Leeds and in prime positions across Manchester, Liverpool and Birmingham. Being able to attract long-term, institutional capital is crucial if we are to build more homes.
“This is a major vote of confidence in build-to-rent and proof positive that Moda is well positioned to continue expanding and look at further acquisitions over the coming year.”
Trowers & Hamlins, JLL and Macfarlanes acted for Apache Capital. Dentons and DLA Piper served as legal counsel to Harrison Street. Gowling and Knight Frank acted for NFU Mutual.