Casa by Moda secures commitment from NatWest

To help deliver its plans for a widespread single-family homes (SFH) portfolio, Casa by Moda has secured a debt facility commitment from NatWest.

Casa, Vista Park - Casa by Moda's neighbourhood located to the east end of Glasgow city | BTR News
Casa, Vista Park - Casa by Moda's neighbourhood located to the east end of Glasgow city.

Single-family homes developer and operator Casa by Moda secures an initial £60m debt facility from NatWest – with the ability for it to rise to £150m – allowing it to accelerate the delivery of new SFH across the UK. Forming a part of Casa’s funding package, this commitment will support the delivery of over 1,100 new rental homes.

Casa by Moda neighbourhoods offer residents deposit-free and pet-friendly living with the option for long-term leases of up to three years. The company embeds ESG principles into the design, development, and operation of its homes, by creating purpose-built neighbourhoods alongside working with housebuilders to deliver energy efficient homes.

The company has also partnered with proptech company Utopi to install smart environmental sensors into its homes. The MyCasa app lets residents monitor everything from room temperature to air quality and light pollution with its real time data.

The app also provides 24/7 access to customer service and maintenance reporting and enables residents to book at-home services, such as dog walking, window cleaning and gardening.

“This new funding package from NatWest is a major milestone in Casa by Moda’s growth trajectory. This year we will welcome our first residents into our neighbourhoods in both Glasgow and Leeds, but we’re also gearing up our programme of delivery which will see us achieve our aim of securing more than 5,000 new homes by 2025.

“As a team we are passionate about delivering a best-in-class experience that puts service, technology, wellbeing, and sustainability at the very forefront of our offer. At the same time, we are committed to creating people focused, well-connected neighbourhoods in the suburbs of the UK’s major cities, that fit in seamlessly, and actively enhance their surrounding communities.

“Looking forward, we have ambitious plans and are actively seeking new opportunities and partners across the UK; from housebuilders to local authorities and landowners, to deliver the new high quality, well managed suburban rental homes that are needed to match the growth in demand.”

Johnny Caddick, Chief Executive, Moda Living

This deal follows Casa by Moda’s recent acquisition of 223 new homes in Kirkstall, Leeds from housebuilder Artisan to create its Casa Abbey Court neighbourhood, and, in a first for the Glasgow region, the purchase of 156 homes from CCG Homes to create the Casa Vista Park scheme.

“We are delighted to be supporting Casa with their strategy, which provides much needed, high quality, single-family rental homes in the UK. It is exciting to see our debt facility assist with the provision of new build homes into the Glasgow and Leeds markets, where residents will benefit from Casa’s institutional quality management. NatWest have a long history of backing the UK residential sector across all tenures, and our support for the emerging single-family rental sector is a continuation of that commitment. We look forward to working with Casa as they deliver on the proposition.”

Charlie Foster, Head of Real Estate, NatWest