KKR and Apache Capital have teamed up to create a UK build-to-rent (BTR) multifamily housing investment platform.
KKR and Apache Capital are investing 拢610m (鈧�710m) to fund the delivery of BTR projects in core cities across the UK that will be developed and operated by Moda Living.
The companies said the developments will deliver over 4,000 apartments that are purpose-built and designed for rent as part of a 拢1.7bn development pipeline.
The venture has already identified sites in Birmingham, Brighton and Hove, and London.
KKR鈥檚 investment was made via KKR Real Estate Europe Partners Europe II, a $2.2bn (鈧�1.9bn) fund dedicated to value-add and opportunistic real estate investments in Western Europe.
The joint venture between Apache Capital and KKR follows Apache Capital and Moda Living鈥檚 second operational multifamily BTR scheme.
Rosa Brand, director at KKR, said: 鈥淲e are excited to work alongside Apache Capital, and Moda Living, both highly experienced strategic partners with excellent track records, over the long term, to deliver a best in class portfolio in the build-to-rent residential sector, which remains a thematic priority for KKR.鈥�
John Dunkerley, CEO and co-founder of Apache Capital said: 鈥淥ur 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.
鈥淭his 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.鈥�
Tony Brooks, Managing Director at Moda Living, said: 鈥淲ith the backing of Apache Capital and KKR we will deliver the next generation of build-to-rent neighbourhoods that will set new standards for style and service while meeting the growing demand for high-quality rental housing that is responsive to modern lifestyles鈥�.
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