GCM Grosvenor is investing in UK single-family (SFR) rental housing via a company owned by Matter Real Estate.
Matter said GCM Grosvenor is among investors that have supported a £140m (€163.4m) equity recapitalisation of Placefirst, a portfolio company of Matter.
GCM Grosvenor invested on behalf of several of its investment programmes which are backed by a number of public and private pension plans from the US, Europe, and Asia.
Placefirst, which develops, owns and operates SFR housing in the UK, currently has 1,500 homes, with a further secured pipeline of over 1,000 units.
Matter said the fresh capital will be used to support Placefirst’s plans to build a 6,500 unit, £1.3bn SFR portfolio across the UK, adding that GCM Grosvenor’s investment is the ”cornerstone of a broader ongoing relationship with Matter to invest in other opportunities in line with Matter’s investment strategy”.
Peter Braffman, managing director at GCM Grosvenor, said: “Partnering with Matter gives us the ability to deploy capital into what we believe to be attractive investment opportunities across Europe, in sectors supported by strong social and demographic fundamentals.
”We believe in Matter’s unique approach to investing in and growing real estate platforms and aggregating portfolios with strong cashflow.”
David Christie, CEO at Matter Real Estate, said: “GCM Grosvenor’s investment in Matter is a great endorsement of our investment strategy only one year after our launch.
”They recognise us as an emerging manager with an experienced team in place. We are looking forward to continuing our strategic relationship beyond their investment in Placefirst.”
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