Moda Living Caddick Leeds Launches £400m Housing Fund

Moda Living Caddick Leeds partners with CBRE Investment Management on a £400m single family housing fund targeting £2bn, backed by the Caddick Group’s 25,000-plot land bank

Moda Living, the build-to-rent platform owned by Leeds-region’s Caddick Group, has launched a £400 million single family housing fund in exclusive partnership with CBRE Investment Management. The Moda Living Caddick Leeds venture, CBRE UK Single Family Housing Partners, is an open-ended fund targeting the development and operation of professionally managed rental homes at scale, with ambitions to grow to £2 billion over time. Central to the strategy is access to a residential land bank of more than 25,000 plots controlled by Caddick Group, alongside Moda’s operational platform and CBRE IM’s institutional investment expertise. Yorkshire is named as a key target market alongside other regions across the UK.

Why This Matters For Leeds

With the Mayoral Development Zone targeting 20,000 new homes across South Bank, Leeds needs developers with the capital and land to deliver at scale, and this fund gives Moda exactly that. A £400 million institutional partnership seeded by a 25,000-plot land bank is the kind of infrastructure that turns housing targets into actual homes.

How the Moda Living Caddick Leeds Fund Works

The fund combines three things: CBRE IM’s institutional capital and asset management platform, Moda Living’s development and operational capability, and Caddick Group’s 25,000-plot land bank. Moda will co-invest in the fund and provide the operational platform for managing completed homes. The open-ended structure means there is no fixed fund life, capital is patient, allowing long-term hold periods and reinvestment. Beyond the Caddick land pipeline, the fund will also acquire sites selectively from third-party housebuilders, giving it flexibility across market cycles.

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“This partnership marks an important step in scaling the delivery of institutional-grade single family housing across the UK. By investing alongside CBRE IM and aligning with patient, core capital, we can take a long-term approach to delivery, bringing forward a significant pipeline of well-designed homes at scale into an underserved market with proven fundamentals.”

— Johnny Caddick, CEO, Moda Living

From SOYO to National Scale

The Moda Living Caddick Leeds fund builds on an established track record. In the city, New York Square in the SOYO cultural quarter is one of Moda’s flagship neighbourhoods. Nationally, Moda operates around 4,500 homes across 11 schemes in major UK cities, with assets valued at over £2 billion. Its single family rental arm, Casa by Moda, has grown to 486 homes under management, with Westmore Grange in Doncaster among its first completed communities. The wider Caddick Group reported £539 million in turnover in its most recent results, with the construction arm delivering a record £375 million and a £1.4 billion forward order book. Andrew Davey, head of UK residential strategies at CBRE Investment Management, said single family housing represents a compelling long-term opportunity supported by strong demand and chronic undersupply of quality rental homes. The fund is a natural extension of CBRE IM’s affordable housing platform, which has already delivered over 3,000 homes across the UK.