Aviva launches joint venture with Moda Living to build 1,000 build-to-rent homes in Birmingham

Aviva Capital Partners (ACP), Aviva’s capital unit investing in real estate and infrastructure projects, has entered into a joint venture with Moda Living, a developer and operator of rental communities in the UK.

The partnership will invest in a four-acre regeneration site in Digbeth, Birmingham, for 1,000 build-to-rent apartments with a gross development value (GDV) of £400m. The site was purchased from vendors Gallagher Developments Ltd and Court Collaboration.

The proposed scheme in Digbeth will support the regeneration of this central part of Birmingham, providing purpose built, high quality, sustainable housing. The brownfield site, to be called “Stone Yard”, is only a short walk from Birmingham New Street train station and will be close to both the forthcoming HS2 station and where the BBC is making its new Midlands base, The Tea Factory.

The homes will be delivered and operated for the long term by Moda Living which focuses on best-in-class design and energy efficient smart buildings. The new homes will be complemented by a range of high-quality resident amenities and green spaces, including roof terraces and landscaped public areas.

The joint venture with Moda, which will look to assess further large scale regeneration opportunities around the UK, marks Aviva Capital Partners’ first move into the build-to-rent sector and its latest investment in UK housing. This follows on from the partnership with property developer Stories in March and a £20m investment in modular housebuilder TopHat in April.

John Cummins, CEO, Aviva Capital Partners, said: [i"Birmingham is a fantastic city which we are delighted to be investing in. New, high-quality accommodation is vital for Birmingham to continue to thrive and meet its undoubted potential. Aviva and Moda are developing approximately 1,000 high quality homes right in the centre of the city which will boost the local economy and support the UK’s ambition to develop attractive and environmentally-friendly living spaces in our cities"[/i]

Tony Brooks, Managing Director at Moda Living, said: [i"At Moda we pride ourselves on creating thriving communities where people can live their healthiest, most sustainable lives and this landmark deal with Aviva allows us to deliver this at meaningful scale. Partnerships like this are an important part of the solution to the UK’s current housing crisis, facilitating major brownfield regeneration into thousands of new, sustainable homes.[/i]

[i"Stone Yard promises to feature not only our unparalleled resident experience and excellent customer service, but also social value initiatives and investment in skills and training that will benefit the local community for many generations to come. Stone Yard is at the heart of the Digbeth regeneration area and as our first scheme in this area of the city, we are very excited to bring it forwards in the coming months and years"[/i]

-ENDS-

Further information

About Aviva Capital Partners

• Aviva Capital Partners (ACP) is Aviva’s in-house capital unit, launched in 2023, that will utilise the company’s financial strength to invest in a range of real estate and infrastructure projects and deliver returns for our retirement customers.
• These projects can provide great benefits to society – everything from the regeneration of towns and cities and social housing through to investment in green energy.
• ACP will take on a broader spectrum of risks where our equity can unlock larger scale assets. 

Notes 

• We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
• We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
• We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
• Aviva is a market leader in sustainability. In 2021, we announced our plan to become Net Zero by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
• While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
• Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
• As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2023 was £7.7 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
• For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us