Trowers advises Apache Capital on contribution of seed asset for UK build-to-rent multifamily housing investment platform with KKR
Top 40 law firm Trowers & Hamlins has advised Apache Capital Partners on the contribution of Sackville Street Property Company Limited to a new fund set up by KKR with Apache as a co-investor, that will deliver Build-To-Rent (BTR) projects in core cities across the UK.
The joint venture between Apache and KKR aims to deliver over 4,000 apartments that are purpose-built and designed for rent as part of a £1.7bn development pipeline.
The investment firms will invest £610m to fund the delivery of BTR projects in cities across the UK including Birmingham, Brighton and Hove, and London that will be developed and operated by Moda Living.
Corporate partner Nick Harrisingh, who led the Trowers team, commented:
"This is an exciting addition to Apache's ever-expanding portfolio of class leading BTR development schemes. The joint venture between Apache and KKR will bring considerable investment to the BTR sector in major cities throughout the UK which in turn will have a positive impact in creating sustainable communities."
John Dunkerley, CEO and co-founder of Apache Capital said:
“Our strategic partnership with KKR demonstrates the growing maturity of the UK build-to-rent sector, which continues to attract global institutional capital thanks to its favourable demand-supply dynamics and defensive, counter-cyclical characteristics.
“This collaboration is consistent with our strategy of creating a premium product marked by high levels of service and amenity provision and we look forward to seeing the projects completed. The Trowers team were integral to the process as their expertise, commercial approach and responsiveness enabled the project to proceed smoothly.”