The real estate multi-manager business of UBS Asset Management has anchored a UK residential income fund managed by Matter Real Estate.

Matter said UBS had provided an initial £105m (€121m) to Matter UK Residential Income Fund (MUKRIF), a new vehicle that will invest in core single-family assets.

The fund has been seeded with assets from Matter portfolio company Placefirst, which will also continue as a property manager. The fund’s initial assets include over 560 single-family rental homes located in five sites in five towns, including Liverpool, Leeds and Sheffield.

Matter said it was the second major direct institutional capital commitment it had received for its Placefirst platform in the past 18 months.

David Christie, CEO of Matter Real Estate, said the commitment from UBS was “testament to Matter’s extensive knowledge of the market and skill as managers in leading Placefirst through its initial development phase”.

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