Moda Living secures funding deal for 722-home build-to-rent scheme in Birmingham

Moda Living has secured a funding deal for a 722-home build-to-rent (BTR) scheme in Birmingham. 

Investment management firms Harrison Street and Apache Capital as well as insurance company NFU Mutual will fund Moda Living’s Great Charles Street scheme. The development will have a gross development value of £302m.

Moda, which reported soaring profit last year, said the deal for the scheme was the largest ever BTR funding deal outside of London. 

The BTR firm will develop and manage the site, which is one of the largest regeneration projects in Birmingham City Centre. Phased delivery on the scheme is expected to start in October 2025.  

The BTR homes will range from studios to three-bedroom flats with views of the city’s Jewellery Quarter. 

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Harrison Street formed a joint venture in 2018 to fund BTR developments across the UK and now has six assets of around $55 billion with 3,050 homes. This Great Charles Street scheme, which will prioritise ESG certifications, expands the JV. 

The development will include a rooftop terrace and BBQ areas, a gym with personal training and classes, bicycle storage, washing and repair station, residents’ lounges, private dining, cinema room, meeting rooms and co-working space and secure parking, as well as a 24-hour concierge and onsite security.

Johnny Caddick, chief executive at Moda Living, also said: “This is a huge moment for Moda Living, securing what is the market’s largest ever regional deal for a BTR asset.”