Our Real Estate Funds
Credit: Jill Tate
Picture Living
PRS FUND
Launched: May 2018
Size: £330m, 1,700 homes
Traditional PRS properties of family houses and up to 100-unit unbroken apartment blocks.
National spread across the UK.
A joint venture between Universities Superannuation Scheme (“USS”) and Places for People. The joint venture has an initial equity commitment of £330m and on close, acquired a seed portfolio of residential properties in the Private Rented Sector (“PRS”) for c.£150m from Places for People. USS provided 90% of the initial equity commitment, with Places for People holding a 10% stake.
Property management by Touchstone, part of Places for People Group.
The Fund is focussed on minimising risk whilst delivering a stable income and capital value return to its investors from day one, by targeting a mix of houses and apartments in the Private Rented Sector.
New Avenue Living
MID MARKET RENT
Launched: March 2019
Size: £182.5m, 1,071 homes to grow to £400m
Mid-market rent development fund on nine sites across the central belt of Scotland.
First raise capital target exceeded and faciliated development of over 1,000 homes. Managed by PfP Capital as a stable portfolio.
Partnering with Scottish government, local authority pension funds and institutional investors.
Current pipeline of a further 1,200 homes
Credit: Jill Tate
Urban Transformations Partnership
MIXED-TENURE REGENERATION FUND
Under development
Target size: £600m
Target delivery: Initial 1,400 homes over a variety of tenures, plus commercial developments with 90% of residential held for rent.
The platform was acquired by PfP Capital from Aviva in 2018.
Heritage dating back to 2001.
Founded by Aviva and igloo Regeneration Ltd to deliver mixed-use regeneration across the UK.
Strategy to grow the platform with new investors and build on pipeline of 1,400 homes and other uses.
Recognised by the United Nations in 2006 as the “world’s first socially responsible property fund.”