Our Real Estate team has advised Moda Living, a developer and operator of rental communities in the UK, on its joint venture with Aviva Capital Partners, Aviva's capital unit investing in real estate and infrastructure projects.
The aim of the joint venture is to build 1,000 build-to-rent homes (BTR) at a four-acre regeneration site in Birmingham with a gross development value of £400 million.
The partnership will invest in a site in Digbeth for 1,000 BTR apartments. The site was purchased from Gallagher Developments Ltd and Court Collaboration. The brownfield site, to be called 'Stone Yard', is a short walk from Birmingham New Street train station and will be close to the forthcoming HS2 station. The homes will be completed and operated by Moda Living and be accompanied by a range of amenities and green spaces.
This is Aviva Capital Partners' first development in the BTR sector, and the joint venture will look to assess further large scale regeneration opportunities in the UK.
Gowling WLG's advisory team was led by partners, Sharon Ayres and Richard Beckingsale with support from senior associates Jimmy Wheeler, Courtney Smith, Owen Shave and Emma Cartledge-Taylor.
Richard Beckingsale, partner and joint head of BTR at Gowling WLG, said: "This is another significant deal for Gowling WLG's Living team. We are delighted to have supported Moda Living on its joint venture with Aviva Capital Partners to deliver the Stone Yard scheme. As a firm with a strong history in the West Midlands, we look forward to seeing this scheme come forward. The new and sustainable homes to be built and operated by Moda will significantly contribute to the continued regeneration of Digbeth and the surrounding area."