Moda Living is seeking partners to fund up to £185m of high-profile private rented sector developments.
The joint venture between Caddick Developments and Generate Land has instructed CBRE to seek forward funding for major stakes in its developments in Manchester, Liverpool and Leeds.
Around £85m is being sought to fund 450 flats in a 35-storey tower block at Angel Gardens on the NOMA development in Manchester. Around £50m in funding is being sought for the 40-storey Princes Reach tower, part of Liverpool Waters, and a similar sum for around 705 flats being built in blocks of five to 11 storeys at Quarry Hill in Leeds.
The funding is expected to amount to around a 50% stake in the final development value across the three projects. The schemes are expected to attract individual funders, with Moda aiming to tap into increasing demand for regional PRS assets.
Moda also recently took control of the £500m City One scheme in Leeds, which has consent for 2m sq ft of mixed-use development.
In total, the joint venture has a 3,000-home pipeline of potential PRS development.
