The Urban Splash Residential Fund (USRF) has partnered with UK property developer Citu to secure a £200m (€237m) pipeline of sustainable homes in Northern England.
The SURE Capital Partners-managed UK residential fund has agreed the partnership to enable it to gain priority access to Citu’s properties and single-family homes in Yorkshire over the next five years.
The initial phase of the 600 homes partnership involves the acquisition of 52 homes in Leeds and Sheffield.
Akeel Malik, partner at SURE Capital Partners, said: “This deal connects capital with regeneration, allowing us to play a pivotal role in creating vibrant new neighbourhoods. Leeds and Sheffield are exciting, transformative cities where people want to live, work and play, and we’re proud to help drive that change.
“Our mission is to cultivate a portfolio of design-led homes for renters – an approach that aligns perfectly with Citu. We have found the ideal product in their award-winning homes and communities.”
Tom Bloxham, partner at SURE Capital Partners, said: “SURE has investors ready to commit to design-led homes. It’s a concept that’s been proven with Urban Splash and now with Citu.”
Bloxham said the partnership is another example of how SURE Capital is bringing UK and international institutional capital to work supporting UK “SME developers like CITU, Urban Splash and Javelin Block – with whom we completed a deal last year in Birmingham”.
Jonathan Wilson, managing director at Citu, said: “Our growth strategy focuses on creating exceptional sustainable places with a variety of tenures, and we’re excited to introduce a rental offering to our developments both now and in the future, with a partner who shares our vision and responsibility.
“This collaboration enables us to move ahead with confidence, and we look forward to the next steps.”
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