Harrison Street, NFU Capital and Apache Capital are seeking up to £450m of senior debt to refinance a five-property UK build-to-rent (BTR) portfolio worth around £800m, Property Week understands.
Following a strategic review earlier this year, Art Capital has been appointed to bring in fresh capital for the portfolio of around 2,300 homes in Liverpool, Birmingham, Edinburgh, Glasgow and Leeds, developed and operated by Moda.
The JV between Harrison Street, NFU Capital and Apache Capital was formed in 2018 to fund premium BTR developments across the UK.
Its first BTR asset, The Mercian in Birmingham, was developed by Moda and comprises 481 homes with a gross development value (GDV) of £195m.
In 2023, the JV funded Moda Living’s 722-home Great Charles Street project, also in Birmingham, with a GDV of £260m.
Other schemes funded by the JV include the 524-home Moda The McEwan in Edinburgh, with a £203m GDV; the 325-home Moda The Lexington in Liverpool, with a £103.5m GDV; the 515-home Moda New York Square in Leeds, with a £152m GDV; and the 433-home Moda Holland Park in Glasgow, with a £126m GDV.
Harrison Street, NFU Capital, Art Capital and Moda were contacted for comment. Apache Capital declined to comment.
