Key Takeaways
- • The National Housing Bank, a Homes England company, has committed up to £70 million to the Fiera Real Estate Single Family Housing (FRESH) fund, an open-ended vehicle targeting a portfolio above £1 billion of professionally managed family rental homes.
- • FRESH has reached £200 million of investment capacity, backed by the Bank's £51 million cornerstone investment, a further £19 million commitment that becomes available as the fund scales, and capital from private institutional partners.
- • The fund will invest through forward-funding and forward-commitment agreements with developers and housebuilders to deliver newly built family rental homes in supply-constrained UK locations.
- • FRESH is established by Fiera Real Estate UK Limited and Packaged Living Limited, with Packaged Living CEO Ed Ellerington describing UK single-family rental as a now-mature institutional asset class.
Summary
The National Housing Bank, a Homes England company and government-backed public finance institution, has committed up to £70 million to the Fiera Real Estate Single Family Housing (FRESH) fund, according to a GOV.UK announcement. FRESH is a new open-ended fund targeting a portfolio in excess of £1 billion of professionally managed family rental homes across the UK.
The Bank's commitment includes a £51 million cornerstone investment, with a further £19 million that will become available as the fund scales. Together with capital from private institutional partners, FRESH has now reached £200 million of investment capacity. The Bank says the additional commitment is intended to support early platform growth and attract further institutional investment into the residential sector.
FRESH was established by Fiera Real Estate UK Limited and Packaged Living Limited, Fiera Real Estate's rental living platform. The fund will invest through forward-funding and forward-commitment agreements with developers and housebuilders, working alongside institutional investors and delivery partners to unlock housing developments and accelerate new supply in supply-constrained locations.
Housing Secretary Angela Rayner said the investment would get new family homes for rent off the ground and unlock private investment. Simon Century, CEO of the National Housing Bank, said the investment demonstrates the Bank's role in attracting institutional capital into housing delivery and described the commitment as a validation of the Bank's investment thesis and joint track record with Packaged Living. He noted that living is one of Fiera's three conviction sectors alongside real estate debt and logistics, citing structural tailwinds, supply-demand imbalances and inflation-resilient income streams.
Ed Ellerington, CEO of Packaged Living, said the transaction is an example of private and public capital collaborating to accelerate housing delivery across tenures. He described Packaged Living as a pioneer in institutionalising UK single-family rental housing and said the company aims to deliver sustainable homes offering downside protection and growth prospects for investors.
The National Housing Bank says it will invest up to £16 billion over the next decade through debt, equity and guarantee products, with a target of attracting more than £50 billion of private capital.
The Bank's commitment includes a £51 million cornerstone investment, with a further £19 million that will become available as the fund scales. Together with capital from private institutional partners, FRESH has now reached £200 million of investment capacity. The Bank says the additional commitment is intended to support early platform growth and attract further institutional investment into the residential sector.
FRESH was established by Fiera Real Estate UK Limited and Packaged Living Limited, Fiera Real Estate's rental living platform. The fund will invest through forward-funding and forward-commitment agreements with developers and housebuilders, working alongside institutional investors and delivery partners to unlock housing developments and accelerate new supply in supply-constrained locations.
Housing Secretary Angela Rayner said the investment would get new family homes for rent off the ground and unlock private investment. Simon Century, CEO of the National Housing Bank, said the investment demonstrates the Bank's role in attracting institutional capital into housing delivery and described the commitment as a validation of the Bank's investment thesis and joint track record with Packaged Living. He noted that living is one of Fiera's three conviction sectors alongside real estate debt and logistics, citing structural tailwinds, supply-demand imbalances and inflation-resilient income streams.
Ed Ellerington, CEO of Packaged Living, said the transaction is an example of private and public capital collaborating to accelerate housing delivery across tenures. He described Packaged Living as a pioneer in institutionalising UK single-family rental housing and said the company aims to deliver sustainable homes offering downside protection and growth prospects for investors.
The National Housing Bank says it will invest up to £16 billion over the next decade through debt, equity and guarantee products, with a target of attracting more than £50 billion of private capital.
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