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Sat 27 May 2017 01:47 PM

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Bahrain firm aims to revolutionise car ownership in the UK

Manama-based Apache Capital Partners is part of plan to offer Uber credits to tenants who agree not to have parking space with homes

Bahrain firm aims to revolutionise car ownership in the UK

A Bahrain-based investment firm has launched a joint venture agreement to cut car ownership and change the way people rent homes across the UK’s largest cities.

Manama-based Apache Capital Partners and developer Moda Living have announced a prop-tech tie up which will offer tenants up to £100 Uber credits per month if they agree not to have a car parking space in the building.

Using Moda Living’s bespoke app, residents will simply press a button and get a ride, a statement said.

Moda Living is backed by £1 billion of investment from Apache Capital Partners and is developing 6,000 rental-only homes in major cities across England and Scotland, which will be managed under the Moda Living brand.

The prop-tech partnership is likely to be rolled out in cities across the world.

By partnering with Uber, Moda Living and Apache Capital Partners said in the statement that they are hoping to create more sustainable developments as city leaders tackle the challenge of building millions of homes while also reducing emissions.

The JV currently has developments in London, Edinburgh, Glasgow, Leeds, Liverpool, and Birmingham - all cities where Uber operates. The JV’s first scheme, Angel Gardens in Manchester’s NOMA neighbourhood, is currently under construction and will house close to 900 residents when it completes in 2019.

There are around 30 million cars in the UK - and 95 percent of the time these cars remain parked and unused, taking up valuable space on the street or in car parks, the statement added.

Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “Cities face huge challenges that can only be solved through collaboration. This proptech partnership around cutting car ownership is one logical step to free up space and cut emissions.

"Uber’s endorsement of the Moda Living brand sends a clear message to civic leaders that we are ready and willing to help improve not only the lives of renters but also the communities around the buildings we invest in.

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