Apache, Harrison St JV funds Moda’s €247m Edinburgh BTR development

Apache Capital Partners and Harrison Street have agreed to fund a build-to-rent (BTR) development in central Edinburgh that will be delivered and operated for the long term by UK housing developer and operator Moda Living.

The £215 mln (€247 mln) scheme, known as Springside, will include 476 new homes alongside 48 existing, fully leased studio, one and two-bedroom apartments. Start on-site is expected later this year, with completion expected in 2022.
The investment, which closed in February 2020, is the fourth project in the BTR joint venture between Apache Capital Partners and Harrison Street, launched in 2018 and includes investment from NFU Mutual to deliver high quality BTR projects in core cities across the UK. In addition to Springside, current projects in the joint venture include The Lexington in Liverpool, The Mercian in Birmingham, and New York Square in Leeds, representing a total of 1,846 units.
Apache Capital and Moda Living purchased the Springside site, which included 48 existing homes, in March 2017 from Grosvenor Great Britain and Ireland.
Situated in Edinburgh’s bustling Fountainbridge district, Springside will provide 13,000 sq ft (1,210 m2) of internal amenities, including communal lounges, health and wellbeing facilities plus roof terraces and a private dining room, as well as communal gardens.

Springside will also include 15,000 sq ft of ground-floor retail and leisure space, which will be centred around the new landscaped public squares.

John Dunkerley, CEO and co-founder of Apache Capital Partners said: ‘We are committed to delivering and expanding our build-to-rent pipeline with both Harrison Street and Moda Living despite the near-term disruption being caused by Covid-19.  There remains a fundamental mismatch between supply and demand for high quality purpose-built rental housing in the UK and for investors seeking long-term, steady income streams from assets with defensive, counter-cyclical qualities, build-to-rent remains highly attractive as a sector.’


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