KKR makes first U.K. deal worth €1.2b with Moda Living

KKR has made its first build-to-rent investment in Edgbaston, a suburban area of central Birmingham, England, with Moda Living, reported local media outlets.

The acquisition is located at New Garden Square, in partnership with developer Court Collaboration and landowner Calthorpe Estates, with the intention to design a 392-home neighborhood on the Calthorpe Estate. KKR is providing financing from the firm’s second European real estate fund, which raised £1.6 billion (€1.9 billion/$2.1 billion).

The scheme is part of Moda’s new select strategy with a joint-venture partnership with a fund managed by the Ares Real Estate Group, which partnership aims to deliver 5,000 new homes across the United Kingdom, increasing the total of homes built by Moda to 18,400, worth a combined £6 billion (€7 billion/$8 billion).