Starlight Investments (Starlight) has announced the successful closing of the Starlight UK BTR Fund II (Fund II), raising £680m in capital commitments.
Fund II, which will support the acquisition and delivery of more than 6,000 build-to-rent (BTR) homes across the UK, is already partially deployed and includes two rental schemes in Manchester and one in Basildon that are currently under construction.
Starlight said the fund raise attracted strong participation from a diverse group of global institutional investors from across Europe, APAC and Canada, including both existing limited partners and several new investors. Earlier this year, the fund also received a major commitment from Homes England’s National Housing Bank.
Raj Mehta, president, global markets, Starlight Investments, said: “The successful close of Fund II reflects the strong institutional conviction behind Starlight’s UK residential strategy and the opportunity we continue to see in the market. We are grateful for the continued support of our existing partners and pleased to welcome new investors to the platform. With the capital committed, we are well positioned to continue delivering homes in chronically undersupplied markets across the UK.”
Jonnie Milich, head of UK residential, Starlight Investments, added: “With Fund II now closed, our focus is on execution and the next phase of growth for our UK residential platform. We have built a significant pipeline, an experienced local team and a growing portfolio of communities moving through construction, lease-up and operations. As we continue to advance our pipeline and bring new communities online, our portfolio will place us among the UK’s top four BTR operators by scale.”
