JV buys site for £400m Stone Yard scheme in Digbeth
Insurance giant Aviva and build-to-rent specialist Moda Living have formed a joint venture to deliver a 1,000-home scheme in Birmingham.
The pair have purchased a four-acre regeneration site in Digbeth called Stone Yard from developers Gallagher and Court Collaboration.
The scheme, which has a gross development value of £400m, received planning permission in July 2020.
The homes will be managed by Moda Living.
The deal marks Aviva Capital’s first move into the build-to-rent sector. The joint venture will look to assess further regeneration opportunities.
Aviva in April announced an investment of £70m in modular firm TopHat. In 2021 it announced a £700m partnership with build to rent developer Packaged Living to build at least 1,000 family homes to rent.
Tony Brooks, managing director at Moda Living, said: “At Moda we pride ourselves on creating thriving communities where people can live their healthiest, most sustainable lives and this landmark deal with Aviva allows us to deliver this at meaningful scale.
“Partnerships like this are an important part of the solution to the UK’s current housing crisis, facilitating major brownfield regeneration into thousands of new, sustainable homes.”
No comments yet