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Moda Living

Precis, Carlyle and Apollo provide £251m facility for Moda Living's London BTR scheme



Précis Capital, Carlyle’s global credit segment and Apollo Global Management have partnered to provide a £251m five-year whole-loan facility to Moda Living for a 467-home BTR project in Nine Elms, London.


The funding will be used to finance the development of the scheme, which will include 30 discounted market rent homes and 103 affordable rent units to be managed by Paragon Asra Housing.

The scheme — located across the road from the US Embassy in the Vauxhall Nine Elms Battersea neighbourhood — is scheduled to be delivered in Q2 2025, with construction undertaken by London Square.

The project forms the last stages of the regeneration at the 14-acre site of the former Royal Mail delivery office and mail centre.

It will complete the last section of Nine Elms Park in the Vauxhall Nine Elms Battersea Opportunity Area, which spans more than 560 acres and aims to provide 20,000 new homes.

The £251m facility is part of a funding partnership between Précis Capital Partners and Carlyle’s global credit segment, which aims to finance residential development loans in the UK.

In October 2021, the three funders also extended a £76m three-year whole-loan facility to CHR London — the joint venture between Great Marlborough Estates Ltd and Tophill Development Ltd — for the development of a 137 residential unit scheme in Chiswick, west London.

Taj Sidhu, head of Carlyle’s European credit opportunities advisory team, said: “We are delighted to partner with Précis Capital to invest in the Embassy Boulevard development, a high-quality asset well situated in the heart of London. 

“Leveraging our extensive global and regional insights, as well as the investing experience of Carlyle’s global credit platform, we look forward to identifying further opportunities in the growing UK residential development financing market together with Précis Capital.”

Randeesh Sandhu, CEO and co-founder of Précis Capital, commented: “The inaugural two loans extended through our partnership with Carlyle, both in collaboration with Apollo, demonstrate the kind of complex and large-scale financings we can provide to high-calibre borrowers.

“The combination of our highly experienced specialist team and the global institutions who act as our capital partners enables us to swiftly and reliably offer these kinds of financing solutions to sponsors and developers looking to deliver best-in-class, sustainable living assets.

“The Moda Living project has a strong community focus, with extensive public realm amenity and both affordable and discounted rental units.” 

Ben Eppley, partner and head of European commercial real estate debt at Apollo, added: “We were pleased to work with two strong capital partners in Précis Capital and Carlyle to provide senior financing for Embassy Boulevard, which will be a welcome addition to Nine Elms. 

“London Square and Moda Living are a well-respected team and we are happy to support their investment and development of the scheme. 

“This is the second residential transaction Apollo has completed with Précis Capital and Carlyle and we look forward to working with them on additional transactions in the future.” 

Johnny Caddick, chief executive at Moda Living, stated: “We are delighted to be working with Précis Capital and Carlyle on this world-class masterplan in the iconic Nine Elms neighbourhood. 

“This will be our first development in London, and the site alongside the new US Embassy in such a landmark regeneration area is the perfect place for our flagship scheme. 

“With our core brand proposition focused on unparalleled customer service, resident wellbeing, technology, community and ESG, we aim to attract a broad demographic of members from across the capital and beyond.”



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