Starlight Investments has secured £680m (€792m) from investors for its latest UK build-to-rent (BTR) strategy.
The global asset manager raised the capital through Starlight UK BTR Fund II alongside ancillary investment vehicles to support the acquisition and delivery of more than 6,000 homes across the UK.
The Homes England’s National Housing Bank-backed Fund II is already partially deployed, with three major rental developments currently under construction, including two schemes in Manchester and one in Basildon.
Raj Mehta, president, global markets, Starlight Investments, said: “The successful close of Fund II reflects the strong institutional conviction behind Starlight’s UK residential strategy and the opportunity we continue to see in the market.
“We are grateful for the continued support of our existing partners and pleased to welcome new investors to the platform. With the capital committed, we are well positioned to continue delivering homes in chronically undersupplied markets across the UK.”
Jonnie Milich, head of UK residential, Starlight Investments, said: “With Fund II now closed, our focus is on execution and the next phase of growth for our UK residential platform.
“We have built a significant pipeline, an experienced local team and a growing portfolio of communities moving through construction, lease-up and operations. As we continue to advance our pipeline and bring new communities online, our portfolio will place us among the UK’s top four BTR operators by scale.”
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