Hearthstone UK residential fund adds 113 new homes to PRS portfolio
Hearthstone Investment Management’s UK private rented sector (PRS) fund has added 113 new homes to its portfolio.
The manager said its Hearthstone Residential Fund 1 (HRF1) fund has paid £28m (€33m) to buy the assets located across southern England and the midlands.
The acquired assets include 80 units in Milton Keynes and Stoke Mandeville, both in Buckinghamshire, and Witney in Oxfordshire. In addition, the fund has acquired 33 homes in Daventry, in the Midlands.
Richard Otten, partner and Director of Asset Management at Hearthstone Investment Management, said: “These latest acquisitions add to asset clusters already established through previous acquisitions by the fund and strengthen our footprint across southern England and the midlands.
“This is further evidence that we continue to partner with leading housebuilders to source and secure high-quality residential assets.”
Andrew Smith, partner and CIO at Hearthstone Investment Management, said: “When we launched the fund nearly two years ago, we set the goal of building and managing a diversified PRS portfolio across the UK regions.
“We are well on track with over 700 homes and we are currently exploring new investment opportunities in the north of England.”
Hearthstone’s ten-year closed-ended HRF1 fund announced its final closing earlier this year, with commitments of over £200m from seven UK local authority pension funds.