About the MMR fund

The ‘MMR' Fund will offer investors stable, CPI linked, returns through the development of 1,000 mid-market rental homes in Scotland. The fund benefits from the support of the Scottish Government with a low cost loan and policy support for the mid-market sector. The fund will deliver a mix of apartments and houses within commuting distance of Scotland’s main cites. The fund will provide a range of homes for those who are not able to access social housing but for whom the traditional private sector remains out of reach.


The Fund’s investment strategy is to acquire and develop mid-market homes in partnership with a range of housing developers, utilising contract structures which minimise risk to the fund. The target is to achieve a 4.5% - 5.00% yield together with long term capital appreciation over the life of the fund.

Source of homes

The Fund will work closely with a range of Scottish developers to identify and secure appropriate development opportunities for mid-market rental homes throughout Scotland with a focus on sites in or in close proximity to Scotland’s main cites and key centres of employment.

The Fund has currently identified a pipeline of development opportunities which would enable the fund to meet its initial target of 1,000 homes, with a number of these already benefitting from planning consent and agreement in principle with landowners and developers. Acquisition and construction start on a number of sites is expected during Q1 2019.

Target asset-types, geographies & audiences

Investment will be focussed on smaller apartment blocks and family homes in areas where there is strong demand for mid-market rent and where the strength of the private homes market makes accessibility to good quality housing difficult for a large sector of the community. Typically our tenants will be in employment and on or around the average Scottish household income including those in the key worker sector. Our target tenants will include young families, couples as well as singles.

Management approach

The ‘MMR' Fund will maintain a transparent fee structure, and profit from PfP Capital’s fund management activity will be re-invested to support Places for People’s wider housing and social impact agenda. Property management will be carried out by the Places for People’s existing specialist management company - Touchstone - with an excellent track record, experienced team and established cost efficiencies.

Why is placemaking development an attractive investment?

Increasing demand

Scotland has an increasing population and increasing household formation leading to a strong demand for high quality affordable housing in the right locations.

Limited supply of housing

Under-delivery of the required homes over a number of years has led to a shortfall in supply of the right homes across a range of tenures including all types of affordable homes.

Affordability issues

Increasing house prices and increasing private rents have combined with tightening of mortgage lending and increasing deposit requirements to push private housing out of reach for many.


The information on this website is directed at persons in the United Kingdom (“UK”) and not otherwise. The availability of any funds mentioned on this website in any jurisdiction other than the UK is subject to local restrictions. Except as specifically set out below the funds mentioned on this website have not been registered or approved for distribution under the laws of any jurisdiction other than the UK.

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