PfP Capital has secured £40m from the Scottish National Investment Bank for its Mid-Market Rent Fund and raised the target to £240m.
The fund, from Places for People, was launched in 2018 with backing from the Scottish government to deliver 1,000 rental homes within commuting distance of Scotland’s main cities. It was started with an initial target of £160m.
The new finance builds on commitments from Strathclyde Pension Fund and Nationwide Pension Fund last year, with a total of £180m now raised.
PfP Capital said the new target reflects short-term development opportunities and it aims to grow further in the future. It previously identified a potential target of £400m for the longer-term.
PfP Capital is being advised by Noble & Co.
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