PfP Capital, the alternative asset manager established by UK property manager and developer Places for People Group, has announced plans to launch a fund which will focus on investing in high-quality build-to-rent opportunities throughout the UK.
The PfP Capital Build-to-Rent (BTR) Fund, which will be managed by Alex Notay, aims to raise around £550 mln (€620 mln) of equity.
The vehicle will be seeded with three major residential development schemes across the UK, valued at £150 mln, which will be forward-funded through a special purpose vehicle, prior to introducing long-term capital through the fund.
Once established, the fund will look to forward-fund additional development opportunities comprising at least 300 units in which it can leverage Places for People Group’s expertise. Once fully invested, the fund will have forward-funded 3,000 homes across six to eight high-quality, large-scale schemes targeting investment in regional towns and cities.
Alex Notay, currently a director of Product and Service Innovation at Places for People Group, will move across to join PfP Capital to manage the new BTR fund and support the broader development offering.
'This is an exciting time for the sector and the new fund will give investors an unparalleled opportunity to invest with one of the most experienced teams and a manager with a socially-conscious DNA,' said Alex Notay, fund director, PfP Capital. 'Institutions recognise that the UK build-to-rent sector has potential to deliver significant, stable returns over the long-term but also that social impact is now a genuine priority for investors.'
