£128 million funding secured for Angel Gardens
Moda Living – the joint venture between Caddick Developments and Generate Land – has secured funding from Apache Capital Partners, the private London and Gulf based fully integrated real estate investment management firm, for its first PRS development.
Angel Gardens is the seed asset in Moda Living’s £1billion GDV pipeline comprising of approximately 5,000 units, located in prime city centre sites across the UK’s major regional cities. The 34-storey premium Private Rented Sector accommodation scheme in Manchester has already secured full planning consent.
Angel Gardens is situated in the heart of Manchester, at the centre of the wider Co-op/Hermes NOMA 20-acre mixed-use regeneration project in the city centre, bordering the Northern Quarter. The landmark 34-storey property, totalling 520,000 sq ft and comprising 458 apartments, will be finished to a high specification. The development boasts state of the art design features including a seven-storey glazed foyer, a cinema room, gym, four restaurants, retail units, digital integration and a multi-functional roof terrace which can be used for five-aside football, tennis or as a yoga practice space – offering a lifestyle choice not currently available to today’s renters.
Johnny Caddick, Director of Moda Living, commented: “We have formed a long-term alliance with Apache Capital Partners meaning both developer and the fund are co-invested and committed to delivering an initial pipeline of 5,000 units with a GDV of £1 billion. What this means is we’re setting the pace. We are bringing out of the ground, developments that we know people aspire to live in and an investment opportunity that is unique and ahead of the competition. Our ethos, and why our PRS portfolio will stand the test of time, is based on building a brand and quality of product that is currently not available in the regions, of which Angel Gardens is a prime example.”