Apache secures funding deal to back suburban build-to-rent venture

Global investment giant Nuveen Real Estate has formed a joint venture with real estate investor Apache Capital to deliver ‘single family’ build-to-rent homes in the UK.

Nuveen, which manages $152bn of assets, has agreed a partnership with Apache, which will initially see it fund a 373-home development in Eddington, Cambridge.

The scheme in Cambridge, which has planning permission and will be delivered in collaboration with the University of Cambridge, will be developed and operated by Present Made, Apache Capital’s ‘single family’ build-to-rent business in the UK.

It forms part of the university’s 3,000-home north west Cambridge masterplan.

>>See also: Could build-to-rent become the ‘darling of housing delivery’?

A spokesperson for Nuveen said the the JV will see Apache Capital fund single family BTR housing “across the UK”. It said it will work on a “programmatic basis” with each development site assessed individually.

John Dunkerley, chief executive at Apache Capital, said: “With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multi-family strategy to create a market-leading single-family platform in Present Made.”