Single-family homes developer and operator, Casa by Moda, has secured an initial £60million debt facility from NatWest, with the potential to rise to £150million, allowing it to accelerate the delivery of high-quality new homes for rent across the UK.
The commitment from NatWest will form part of Casa’s funding package and will help spearhead the brand’s expansion, directly supporting the delivery of over 1,100 new rental homes in the UK’s single-family homes (SFH) sector.
The deal follows Casa’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 Casa, Vista Park, a new neighbourhood located to the east end of the city.
Casa neighbourhoods offer all residents deposit-free, pet-friendly living and the option for long-term leases of up to three years. The brand also 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.
Casa has also 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. The app also provides 24/7 access to customer service and maintenance reporting and enables residents to connect with their community to conveniently book at-home services, such as dog walking, window cleaning and gardening.
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, well-being 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 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.”
SFH is growing in popularity within the UK and sees developers own and operate neighbourhoods in suburban areas, as opposed to the traditional city centre locations which are associated with BTR development. It has been highlighted as a key solution to the UK’s housing crisis, by professionalising the private rented sector, which has long been controlled by individual private landlords.
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 in the Glasgow and Leeds markets, where residents will benefit from Casa’s institutional quality management. NatWest has 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.”
