Ares Management Corporation [NYSE: ARES] disclosed that a fund managed by the Ares Real Estate Group has commenced joint venture collaboration with Moda. The purpose of the partnership is to introduce a vertically integrated built-to-rent single-family homes (SFH) brand across the U.K.
It has been disclosed that the platform will aim for the delivery of over 5,000 high-quality purpose-built homes to the U.K. market through direct development with Caddick Construction and collaborations with trustworthy local developers. It has been believed that its gross development value in excess of £1 billion by the end of 2025. The sites for the first c. 1,000 homes have been safeguarded and the building is scheduled to commence in Q1 2022.
Furthermore, the homes will be consisted of 1-4 bedrooms and are situated in select suburban neighborhoods across the U.K. that are undergoing major deficiencies of price-accessible, quality rental housing. Moda which has earned a reputation as a leading U.K. build-to-rent developer operator, will oversee the platform, and bring its experience as an operator of ‘next-generation multifamily neighborhoods’ across the U.K. to the residential ‘single-family living’ space.
Additionally, Moda is one of the U.K.’s pioneering property brands, with its portfolio of ‘next-generation multifamily neighborhoods’ covering the U.K., from Edinburgh to Brighton. It is based in Yorkshire, Moda Living is a family company with a fundamental focus on resident service, health, and wellbeing, technology, and ESG. The new venture brings this award-winning proposition to single-family homes.
Moda contemplates that now is the right time to introduce a unique product into this space with a point of difference. The firm forecast strong countrywide demand for the offer. The single-family housing proposition focuses on a great lifestyle with great service. Moreover, the company believes that this provides people more than bricks and mortar and authentic pride of place for the long-term.