PfP Capital’s regional private rented sector platform, Picture Living, has agreed to forward-fund two single-family residential schemes in Essex, which are being developed by Vistry Group and Dandara.
Picture Living will invest £23m to forward-fund the projects, which are expected to create 63 homes for rent.
Vistry is developing 36 homes in Coggeshall, north Essex, the first of which will be available at the start of 2024.
The second scheme (pictured), in Elsenham, north-west Essex, will be developed by Dandara and will deliver 27 homes, with the first units completing in summer 2024. It marks the platform’s first deal with Dandara.
Picture Living has a mandate to invest in high-quality new or modern homes for rent across the UK. It has £350m of assets under management and has amassed a portfolio of around 1,725 single-family homes and apartments, including just over 160 under development.
It recently took full ownership of 106 single-family homes across three schemes in Market Harborough, Warwick and Derby, all developed by Avant Homes.
The platform is aiming to grow its portfolio over the next year. It will use the proceeds from the respective sales of its Spark and Seville portfolios to acquire single-family homes.
The news comes after Picture Living hired Jamie Younger as fund manager in May and James Nicholls as investment manager in December last year.
Younger said: “With rising interest rates making home ownership more difficult for people financially, the demand for good-quality rental product in the right locations has never been higher.
“We are continuing our ambitious regional PRS pipeline on behalf of our institutional capital partners, with Picture Living closing in on 2,000 homes.”
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