Maples Advises Apache Capital on Launch of New Build-to-Rent Fund Platform

The new fund, structured as a master-feeder Jersey private fund, is the second BTR fund launched by Apache Capital with these investors, building on the success of the first platform launched in 2018. The transaction also included the equity and debt funding of the first development asset into the fund, a £302m (GDV) scheme to develop 722 new homes in Birmingham’s Jewellery Quarter. This scheme is one of the UK’s largest regional Build-to-Rent funding deals to date and will be delivered by Apache Capital and its joint venture development partner Moda Living. Debt financing is being arranged by Precede Capital Partners.

A multi-disciplinary real estate transactions team based in the firm’s Jersey office advised Apache Capital on this transaction and was led by Finance Partner, Mark Crichton and Associate, Laura Hendrick. The team provided Jersey corporate, finance (including Islamic finance) and funds legal advice, liaising closely with the wider Apache Capital legal team comprising Trowers & Hamlins (corporate, banking and construction), Macfarlanes (funds), and Pinsent Masons (real estate).

Commenting on the transaction, Mark Crichton said, “It has been great to see that the success of the first fund has led to the launch of this new platform, and it was a pleasure to work with the Apache Capital deal team once again. Transactions such as this illustrate the specialised capabilities and experience that our Jersey practice has in this sector.”

Mark Peck, Transactions and Structuring Director, Apache Capital commented: “The Great Charles Street transaction is a testament to the strength of our relationships with our investors, partners and advisors.  We value the role Maples continue to play in the success of our platforms.”