Matter Real Estate raised £145m of capital commitments for single family rental developer and operator Placefirst in 2024.
The capital was raised across Matter’s core and opportunistic strategies from investors including UBS, GCM Grosvenor and abrdn.
It will be deployed with the goal of developing, and operating over 6,500 homes, of which over 3,700 are either stabilised or already under construction today.
The core open-ended strategy seeks to be the long-term owner of a diversified UK SFR portfolio and deliver excellent operational performance. The existing portfolio has a five plus year track record of 100% occupancy, gross of 80% to net, and strong rent growth.
The opportunistic strategy seeks to develop and stabilise UK SFR schemes either developing directly, or through joint ventures or forward fundings with a range of housebuilder partners.
Over the last year, the strategy has facilitated a pattern of successful acquisitions for Placefirst, including developments with Vistry, Miller Homes, Keepmoat, Strata and Jelson Homes.
Matter first backed Placefirst in 2016 and partnered with the management team to provide funding and the expertise required to achieve scale. With Matter’s support, Placefirst will continue growing its portfolio and meeting the significant demand for high-quality SFR homes in the UK.
David Christie, chief executive at Matter Real Estate, said: “This capital commitment emphasises Matter’s continued support of Placefirst’s ambitious growth plans, and fits in well with our ongoing commitment to developing high-quality real estate.
“We look forward to further strengthening our longstanding partnership as we continue to consolidate our position in the highly sought-after SFR sector.”
Image © Scully/imageBROKER/Shutterstock
Send feedback to Akanksha Soni
Follow Estates Gazette
