Picture Living, PfP Capital’s PRS strategy, has committed £23m to forward fund two single-family residential schemes in Essex for rent.
In Coggeshall, north Essex, Vistry Group is delivering 36 homes, and in Elsenham, north west Essex, Dandara is delivering 27 homes.
James Nicholls, investment manager at PfP Capital, said: “We are delighted to have exchanged on our next deal with Vistry Group and partnered for the first time with Dandara and we look forward to working closely with both companies as we deliver each respective scheme. We gladly align ourselves with like-minded firms, allowing us to leverage each other’s strengths and expertise to bring more professionally managed rental homes to the market.”
Jamie Younger, fund manager at PfP Capital, added: “With rising interest rates making home ownership more difficult for people financially, the demand for good quality rental product in the right locations has never been higher.
“We are continuing our ambitious regional PRS pipeline on behalf of our institutional capital partners, with Picture Living closing in on 2,000 homes. We will continue to invest in high-quality homes for rent working alongside house builders and developers to help alleviate the chronic housing shortage in the UK.”
