Goodstone Living has formed its first fund targeting the build-to-rent sector with more than £550m of investment capacity.
The fund, which was established following the final close of its prior fund, Goodstone Living Partners 1, has secured equity investments from a number of UK and international investors, including Northern Local Government Pension Scheme.
It has a develop-to-hold investment strategy, and is focused on delivering and operating BTR communities across London and major regional UK cities.
The fund’s initial portfolio comprises almost 1,000 homes already under construction in Edinburgh and Birmingham. It will also be the primary vehicle for Goodstone Living’s pipeline of development and turnkey opportunities until its capital has been substantially allocated.
Goodstone Living chief exectuive Iliya Blazic said: “The successful launch of our first managed fund and ability to attract high-quality institutional capital partners speaks to the confidence global investors have in the underlying fundamentals of the build-to-rent sector.”
Kevin Etchells, Greater Manchester Pension Fund on behalf of the Northern LGPS, said: “The UK has an acute undersupply of housing and Greater Manchester Pension Fund is proud to contribute to help solve this while also hopefully obtaining attractive risk-adjusted income returns.”
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