Picture Living, the regional private-rented sector (PRS) platform of UK fund manager PfP Capital, is investing £23m (€26.5m) to forward fund two single-family rental schemes in Essex.
Picture Living is funding a 36-home project in Coggeshall, which is being developed by Vistry Group, and a 27-home project in Elsenham, developed by Dandara.
James Nicholls, investment manager at PfP Capital, said: “We are delighted to have exchanged on our next deal with Vistry Group and partnered for the first time with Dandara and we look forward to working closely with both companies as we deliver each respective scheme.
“We gladly align ourselves with like-minded firms, allowing us to leverage each other’s strengths and expertise to bring more professionally managed rental homes to the market.”
Picture Living – which has a mandate to invest in homes for rent across the UK – currently has £350m in assets under management with a portfolio of around 1,725 single-family homes and apartments, including over 160 currently under development.
Jamie Younger, fund manager, PfP Capital, said: “With rising interest rates making homeownership more difficult for people financially, the demand for good quality rental product in the right locations has never been higher.
“We are continuing our ambitious regional PRS pipeline on behalf of our institutional capital partners, with Picture Living closing in on 2,000 homes. We will continue to invest in high-quality homes for rent working alongside house builders and developers to help alleviate the chronic housing shortage in the UK.”
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