CBRE Investment Management (IM) and Moda Living have completed the first transaction under their single-family housing platform (SFHP), bagging a 222-home portfolio from Bellway.
CGI of Fallow Wood scheme, Burgess Hill
The portfolio comprises a mix of completed homes and forward-funded development units in Stevenage, Milton Keynes and Burgess Hill. All unfinished homes are expected to be delivered by the end of next year.
The homes, acquired for an undisclosed sum, will be managed by Moda Living upon completion.
The SFHP was originally unveiled by CBRE IM in May, backed by an initial £400m of capital. The platform is intended to grow to £2bn in value over time.
The open-ended platform primarily focuses on supporting the development and operation of single-family housing. It is CBRE’s first fund dedicated to the single-family housing sector.
Tom James, head of UK transactions at CBRE IM, said: “This is an exciting addition to our residential platform and a great first step in growing our single-family housing fund, delivering high-quality houses on attractive sites in locations where demand for best-in-class, professionally managed rental housing continues to outstrip supply.
“Working alongside Moda Living, we are building a platform designed to deliver at scale, both in terms of operational execution and investor outcomes, focused on homes that meet the evolving needs of renters and generate sustainable income over time.”
Johnny Caddick, chief executive of Moda Living, added: “These first acquisitions are an important milestone for the platform and reflect the progress we’ve made since launching the partnership earlier this year.
“Demand for professionally managed rental homes continues to outstrip supply and, with the backing of committed, long-term capital and Moda’s integrated development and operational platform, we’re well placed to help address that challenge.”
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