Through opportunity-led investment by our specialist PRS team, PfP Capital is expecting to deploy the initial equity commitment of £330m in the short to medium term, by securing in-house and third party acquisitions.
These acquisitions will be sourced from a combination of guaranteed offtake from Places for People’s c.15,000 home development programme, third-party purchases from UK housebuilders and developers, as well as acquisitions of high-quality existing PRS portfolios.
The joint venture is focused on investment in houses and small apartment blocks (10 – 100 units), to capitalise on strong demand from a broad range of rental customers, including young families as well as singles and couples.
PfP Capital aims to assemble a portfolio of modern, mid-market properties, with high occupancy rates, in towns and cities across the UK which are experiencing increases in rents and capital values.
PfP Capital will act as Asset Manager, with Touchstone, Places for People’s specialist property management business, managing the portfolio on a day-to-day basis.
Currently only 2% of the £1.015bn of the PRS homes are owned by institutional investors.
Only approximately 60% of the required number of homes are being built each year in the UK.
As house prices rise, mortgage lending tightens and attitudes to renting shift across generations.
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