Fiera Real Estate and Packaged Living have reached £200m of investment capacity for their new open-ended single-family housing vehicle (SFH), FRESH, after securing a £70m investment from Homes England’s National Housing Bank.
FRESH, which was established in August 2026, is targeting a £1bn portfolio of professionally managed family rental homes across supply-constrained UK locations.
The vehicle will invest through forward-funding and forward-commitment agreements with developers and housebuilders, providing a scalable route to delivering new homes and supporting the long-term growth ambitions of both partners.
Simon Century, chief executive officer of the National Housing Bank, said:“This investment demonstrates the role the National Housing Bank can play in attracting institutional capital into housing delivery. By partnering with Fiera and Packaged Living, we are supporting the creation of a pipeline of family rental homes at scale, helping to address undersupply in key markets and deliver lasting benefits for communities.”
Charles Allen, head of European real estate at Fiera Real Estate, added: “Securing this commitment is a strong validation of our investment thesis and joint track record with Packaged Living in delivering high quality rental housing. The strategy provides institutional investors with targeted exposure to an established asset class that can be scaled effectively, marking another major step in our growth journey.
“Living represents one of Fiera’s three conviction sectors alongside real estate debt and logistics, all of which are driven by strong structural tailwinds, long-term supply-demand imbalances, and defensive, inflation-resilient income streams.”
Ed Ellerington, CEO of Packaged Living, said: “This is a further example of how effective collaboration between private and public capital can accelerate housing delivery across multiple tenures and at scale. Packaged Living has been a pioneering force in the institutionalisation of UK rental housing, of which single family housing is now a mature asset class with demonstrable benefits across sustainability and socio-economic impact.
“We will leverage our full lifecycle expertise and proven track record to deliver high quality, sustainable homes that offer the potential for downside protection, growth prospects and measurable benefits for our investors.”
