Trowers advise Apache Capital on £302m GDV Build to Rent deal in Birmingham
International law firm Trowers & Hamlins has advised Apache Capital Partners on the expansion of its joint venture portfolio with Moda Living in UK's largest regional Build to Rent deal.
Harrison Street, Apache Capital and NFU Mutual’s UK Build to Rent (BTR) project funding partnership has announced that it will be supporting Moda Living’s Great Charles Street scheme in Birmingham.
The £302m (GDV) Great Charles Street scheme in Birmingham will be developed on a former brownfield site that has been underdeveloped for over 50 years. The scheme will deliver 722 new homes – a mix of spacious studios to three bedroom Build to Rent apartments, with views over one of Birmingham’s oldest districts, the Jewellery Quarter.
Trowers advised on the joint venture arrangements between the investor vehicle and Moda, the construction aspects and the development finance for the site.
Harrison Street, Apache Capital and NFU Mutual’s joint venture was formed in 2018 to fund premium BTR developments across the UK. The joint venture now includes six assets, representing a total of 3,050 homes. In addition to Great Charles Street, current projects include The Mercian, also in Birmingham, The McEwan in Edinburgh, The Lexington in Liverpool, New York Square in Leeds and Holland Park in Glasgow.
Nick Harrisingh, Partner at Trowers, commented:
"We are delighted to have supported Apache Capital on the expansion of its Build to Rent joint venture with Harrison Street and NFU Mutual. This project further emphasises Apache's commitment to providing high-quality, purpose-built Build to Rent accommodation that will bring tremendous benefits to its residents."
John Dunkerley, CEO of Apache Capital, added:
“We are pleased to have entered the development phase at Great Charles Street, in what are undoubtedly challenging market conditions. This reflects the quality of development we are delivering with Moda and the strength of our partners in Harrison Street and NFU Mutual. We have no doubt Great Charles Street will replicate the success of our first Birmingham Build to Rent development in Birmingham, The Mercian.
We would like to thank the Trowers team for their support on this project. Their expertise in delivering these projects has once again proved invaluable in ensuring a smooth process and we look forward to working with the team on our future BTR portfolio sites.”