Aviva Investors has agreed to fund Packaged Living’s £700m single-family housing rental strategy.
The investor will back an initial £200m portfolio of 1,000, with a pipeline of schemes anticipated to add a further £500m.
The partnership will acquire and forward-fund homes from housebuilders across the UK.
George Fraser-Harding, fund manager at Aviva Investors, said: “More than a third of all homes are now occupied by renters and we see a huge opportunity to positively change that market.
“Our partnership with Packaged Living will focus on provision of homes where the need is greatest, while also delivering properties that are fit for the future, combining quality finishes with high-energy efficiency, low-carbon solutions and lower costs for the families living in them.”
Packaged Living has acquired and operated over 6,000 homes, valued at £1.6bn. Jonathan Ivory, managing director of Packaged Living, said: “Single-family rental is the next chapter in the evolution of the BTR story.”
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