A new build-to-rent venture, Rise Homes, has been launched after receiving backing from Gresham House.
The asset manager has pumped money into the venture from its British Strategic Investment Fund, which predominantly invests into the housing and infrastructure sectors and is backed by local government pension funds.
Rise Homes will deliver “new-build, high-quality but good value-for-money” rented accommodation across regional areas.
It currently has two schemes underway in Manchester and Stockport, which will offer “spacious, convenient and affordable rental accommodation for working people” and provide a combined total of 209 flats.
Four more schemes are planned to commence in 2019 which will involve the development of 492 affordable apartments across sites in strong regional locations including Sheffield, with many of the sites located in urban regeneration schemes.
The BTR venture said it also considers working alongside contractors and landowners to deliver sites under a jv structure.
Rise Homes chairman Andrew Pratt said: “BSIF is the ideal partner to help us realise our ambitious pipeline of affordable private rented accommodation in regional locations that are planned to commence this year.
“Not only were we impressed with the calibre of BSIF’s investment team, we felt the philosophy of investing in projects that deliver a positive social impact as well as a financial return fitted well with our own values.”
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
