At a glance
- The open-end vehicle will invest through forward-funding and forward-commitment agreements with developers and home builders.
- FRESH targets a £1 billion portfolio of professionally managed family rental homes in supply-constrained U.K. locations and will use the Sustainability Impact label under the U.K. Sustainability Disclosure Requirements, according to the announcement.
- Later allocators will need to weigh entry pricing and redemption terms in the open-end structure, and how the remaining £800 million is raised.
Homes England's National Housing Bank committed £70 million ($94 million) to FRESH, the single-family rental vehicle run by Fiera Real Estate UK and Packaged Living, bringing investment capacity to £200 million ($270 million).
The open-end vehicle will invest through forward-funding and forward-commitment agreements with developers and home builders.
FRESH targets a £1 billion portfolio of professionally managed family rental homes in supply-constrained U.K. locations and will use the Sustainability Impact label under the U.K. Sustainability Disclosure Requirements, according to the announcement.
Later allocators will need to weigh entry pricing and redemption terms in the open-end structure, and how the remaining £800 million is raised.
The National Housing Bank is aiming to invest up to £16 billion ($22 billion) in housing delivery and regeneration over the next decade. IREI reported that the £70 million will support further deployment into the strategy's existing pipeline.
Homes England's National Housing Bank also backed Starlight's £680 million U.K. build-to-rent fund, closed in September, as Private Wealth Daily previously reported. FRESH is a single-family strategy; Starlight's vehicle is build-to-rent.
Packaged Living manages garden-style, co-living and multifamily homes. Fiera Real Estate UK Ltd. is the European real estate arm of Fiera Capital Corp.
Reported by the Fundraising desk from IREI and Private Wealth Daily archive. Published . Corrections