NatWest to back Casa by Moda
The single-family housing arm of the Caddick Group has secured an initial £60m debt facility with the bank, with the ability to rise to £150m.
NatWest’s commitment will form part of Casa’s funding package and will help spearhead the brand’s expansion, directly supporting the delivery of more than 1,100 new rental homes in the UK’s single family homes (SFH) sector.
Moda has long been established as the Caddick Group’s build-to-rent brand, with Casa by Moda being launched in late 2021 as a “neighbourhood” brand,
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The deal follows Casa’s July 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 Casa, Vista Park.
Johnny Caddick, chief executive at Moda Living, said: “This new funding package from NatWest is a major milestone in Casa’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.”
Casa neighbourhoods offer all residents deposit-free, pet friendly living and the option for long-term leases of up to three years, the firm said.
In addition, Casa has partnered with proptech company Utopi to install smart environmental sensors into its homes. This enables residents to monitor everything from room temperature to air quality and light pollution, with all data provided in real-time via the MyCasa app.
Charlie Foster, head of real estate at NatWest said: “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”.