KKR and Apache Capital form strategic partnership
KKR and Apache Capital have established a joint venture to create a U.K. build-to-rent (BTR) multifamily-housing-investment platform.
KKR and Apache Capital will invest £610 million (€726 million/$818 million) to fund the delivery of BTR projects in core cities across the United Kingdom that will be developed and operated by Moda Living (Moda). Sites already are identified in Birmingham, Brighton and Hove, and London.
The developments will deliver more than 4,000 apartments designed for rent as part of a £1.7 billion ($2.3 billion/$2.3 billion) development pipeline. The homes will be built to the latest design specifications, with high levels of on-site amenities and service provisions for residents.
Tony Brooks, managing director at Moda Living, said, “With the backing of Apache Capital and KKR, we will deliver the next generation of build-to-rent neighborhoods that will set new standards for style and service while meeting the growing demand for high-qua