Law firm Dentons has advised investment manager Harrison Street on its joint venture with NFU Mutual and Apache Capital, for the acquisition and funding of Moda Living’s £302m Birmingham-based Great Charles Street Build to Rent development. This is the sixth deal Dentons and Harrison Street have done together.
Harrison Street, Apache Capital and NFU Mutual expanded their joint venture to fund the scheme, which was the largest regional Build to Rent funding deal currently completed in the UK. Moda Living will be develop, manage and operate the scheme.
“We are delighted to have advised Harrison Street, a key and longstanding client, on this joint venture. In closing this exciting project, we were able to utilise the strengths of our corporate, real estate and banking teams, as well as involve team members in Luxembourg. This deal, our second of 2023 for this client, shows the resilience of the Build to Rent sector in the UK.”Jonathan Cantor, Corporate Partner
The cross-departmental team was led by Jonathan Cantor and included Banking Partner Simon Tweedle and associates Charlotte Miles and Josh McKnight, Real Estate Partner Laura Gowing, Senior Associate Sam Leyland, Construction Senior Associate Roddy Cormack, Associate Elizabeth Darley and Planning Associate Megan Forbes.
The Corporate team in Luxembourg was led by Partner Namik Ramić with assistance from Associate Mebru Bagdadioglu.
The 722-home Great Charles Street development is set to begin phased delivery in October 2025. The development will feature a range of luxury amenities, including a rooftop terrace and BBQ areas, gym with personal training and classes, residents’ lounges, private dining, cinema room and co-working space.
Precede Capital Partners funded the JV earlier in the year, providing £188m financing for the Birmingham development.