Build-to-rent business says £150m from Natwest will enable it to accelerate development of single family homes
Moda Living’s single family rented housing business Casa by Moda has secured £150m funding from NatWest which will enable it to build an extra 1,100 homes.
The firm said it had agreed an initial £60m a debt facility with the option of increasing this to £150m in order to support Casa’s plans by directly funding the delivery of 1,100 units in the “single family home” market. The single family homes market provides houses rather than flats built for rent, typically in suburban rather than urban locations.
The deal is part of a plan by Casa by Moda to deliver 5,000 new homes by 2025.
The funding news follows Casa by Moda’s acquisition of 223 new homes in Kirkstall, Leeds, from housebuilder Artisan for its Casa, Abbey Court neighbourhood. It has also recently purchased 156 homes from CCG Homes to create Casa, Vista Park, in east Glasgow, Scotland.
The firm said Casa neighbourhoods are deposit-free, pet friendly and offer the option of long-term leases of up to three years. The homes are built to be energy efficient and residents can request maintenance support and services such as dog walking, window cleaning and gardening via the MyCasa app.
The business has partnered with proptech company Utopi to install smart sensors in homes so residents can monitor room temperature, air quality, light pollution and other data.
Johnny Caddick, chief executive at Moda Living, said: “This new funding package from NatWest is a major milestone in Casa’s growth trajectory. This year we will welcome our first residents into our neighbourhoods in both Glasgow and Leeds, but we’re also gearing up our programme of delivery which will see us achieve our aim of securing more than 5,000 new homes by 2025.”
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Charlie Foster, head of real estate at NatWest said: “We are delighted to be supporting Casa with their strategy, which provides much needed, high quality, single-family rental homes in the UK.”.
Launched in 2021, Casa by Moda has a total pipeline of 5,000 new homes worth a combined £1.5bn, backed by global institutional capital.
Moda Living group has a pipeline of 24,000 rented homes worth a combined £6.8bn.
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