The fund manager behind the Urban Splash Residential Fund says the business is set to achieve an “institutional-scale” portfolio despite economic uncertainty.
Over the financial year ending 31 March, Urban Splash UK Residential posted an annual investor return of 7.4% and a like-for-like capital uplift across the portfolio of 2.4%, with profit down slightly on the previous year at £1.8m. Average occupancy levels were 97%, like-for-like rental growth stood at 4.1% and rent collection came in at 99%.
The fund invested £20.8m in its portfolio over the period, including in 20 town houses in Cambridgeshire as well as Derwent House, a block of 40 loft-style apartments in a converted foundry in Birmingham’s Jewellery Quarter (pictured).
Fund manager Akeel Malik said: “Although we have seen great economic uncertainty in the UK in recent months, the fact remains that people need homes to rent. There was a longer than anticipated timeline on new acquisitions as we waited for repricing in the market, and a number of purchases occurred post-year end.
“Despite the headwinds that have come from Trussonomics, interest rate rises and other global factors, our Urban Splash Residential Fund has maintained its performance and continues to develop as an institutional-scale UK residential portfolio.”
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