The new operation, which is complementary to Moda's existing platforms with investors including Harrison St, NFU, and Apache Capital, has made its debut investment in Birmingham, where it will deliver a 398-home neighbourhood at New Garden Square in Edgbaston, Birmingham.

Moda and KKR have acquired the two-acre site from Calthorpe Estates, with Moda working closely with Court Collaboration, a Birmingham based developer, on design and procurement to bring forward the scheme. The neighbourhood will sit within Calthorpe Estates’ Edgbaston Village regeneration, which will deliver new homes, retail and leisure amenities to the Birmingham quarter set around a new garden square.    

The two partners said that the new platform will focus on less core city centre locations and low to mid rise buildings.

The transaction marks the first investment KKR has done in the UK BTR market through a platform structure.

Rosa Brand, director at KKR, commented: 'Build-to-rent residential remains a priority sector for us in Europe, and we are very excited to create a unique, best-in-class portfolio with our strategic partners Moda Living.'

KKR’s investment in Moda Living was made via its second dedicated European real estate fund, KKR Real Estate Partners Europe II (REPE II). In July 2021, KKR announced the final closing of REPE II, a $2.2 bn fund dedicated to value add and opportunistic real estate investments in Western Europe.