Nuveen Real Estate – one of the largest real estate investment managers in the world with $152 billion of assets under management – forms a joint venture with UK-focused real estate investment manager Apache Capital to fund single-family Build to Rent housing across the UK. Present Made – Apache Capital’s wholly owned single-family Build to Rent platform will develop and operate all the site for the long-term.
The joint venture will operate on a programmatic basis, with each site assessed individually. Nuveen Real Estate and Apache Capital will work together to continue to source other opportunities to grow Present Made’s portfolio.
“With Nuveen Real Estate as a funding partner, we are looking to replicate the success of our prime multifamily strategy to create a market-leading single-family platform in Present Made. Our flagship development in Eddington will push the boundaries of quality in both design and operations, creating a community that will support the University’s wider ambitions with the North-West Cambridge masterplan.”John Dunkerley, Chief Executive Officer, Apache Capital
The first site to be funded will be Present Made’s 373-home development in Eddington, Cambridge, which is being delivered in collaboration with the University of Cambridge and benefits from full planning approval. Bidwells advised Cambridge University’s Estates Division and Knight Frank advised Present Made. Alternative lender BentallGreenOak has provided a development loan facility for the project.
“BentallGreenOak are very pleased to be supporting the Nuveen and Present Made JV in building out this prestigious and innovative single-family housing development in Cambridge. The transaction is consistent with our debt investment thesis of backing high quality institutional sponsors in delivering best-in-class properties with a laser focus on sustainability, wellbeing and the community. We have worked with the wider Apache group on multiple multifamily deals over the years and are excited to play a role in their new single-family housing platform as well.”Martin Sheridan, Managing Director in BentallGreenOak’s European Debt team
The scheme forms a key part of the university’s 150-hectare North West Cambridge masterplan, which includes 3,000 homes of which 50% are for university key workers as affordable housing, 2,000 student beds, 100,000 sqm of employment space and 5,300 sqm of retail.
“Eddington is an exemplary neighbourhood home to a growing and diverse community of residents, students, businesses and service providers. Through our work with leading development partners, we are continuing to deliver much needed homes, across a range of tenures, which can support the continued growth of the Cambridge eco-system. Present Made will deliver high quality homes for rent providing residents with homes that support sustainable lifestyles, flexibility and choice. We look forward to welcoming the residents of Present Made to the community.”Matt Johnson, Head of Development for North West Cambridge at the University of Cambridge
Amenities include a communal pavilion, gym, yoga studio, private dining room, bike café, games room, cinema and co-working space. This will make Present Made of Eddington Cambridge’s first purpose-built and designed rental housing development with on-site professional management and amenity provision.
“Between Nuveen Real Estate and the University of Cambridge’s Estates Division, we have two best-in-class partners to support the delivery of Present Made of Eddington. There is growing demand for high quality rental housing outside of city centres that provides both a lifestyle and a home, which we are looking to satisfy through Present Made, with Eddington serving as ‘proof-of-concept’ through the quality of its consumer offering.”Alan Penfold, Managing Director, Present Made
The Present Made team will provide round-the-clock resident support, be responsible for all maintenance, and will run a year-long calendar of social and wellbeing activities. These will include zero waste pop-ups, cycling and running clubs, cultural celebrations, live music, art classes, cooking classes, charitable events and talks from inspirational people.
Construction is expected to start later this month on the new scheme. Bennett Construction has been appointed as main contractor, with practical completion expected in late 2025.
“Single-family housing remains one of our core investment strategies within the living space – underpinned by a chronic undersupply of high quality professionally managed rental accommodation. Our partnership with Apache Capital provides us with a great opportunity to satisfy the growing tenant demand in strategic growth markets like Cambridge and we look forward to realising this exciting project together.”Jasper Gilbey, Head of Housing, Alternatives and Strategic Transactions, Nuveen Real Estate
The Present Made of Eddington scheme is targeting Code for Sustainable Homes Level 5 and will be compliant with the new Part L Building Regulations, which will see a dramatic enhancement to energy efficiency and reduction in CO2 emissions.
“Present Made of Eddington will provide a distinctive rental offering that will be the first of its kind in Cambridge. Central to this offering will be the core principles of community, sustainability and wellbeing. The design and development of the scheme will apply leading practices for energy efficiency, renewable energy and water conservation, while achieving a biodiversity net gain – ultimately to the benefit of our residents.”Limor Shklaz, Director of Housing, Alternatives and Strategic Transactions, Nuveen Real Estate