Property investment firm bags £85m injection for affordable accomodation
Property investment firm Edmond de Rothschild Real Estate Investment Management (REIM) has bagged an £85m injection for one of its investment funds today to pump into rented accommodation development around the UK.
REIM, which specialises in affordable properties in the private rented sector, has now increased its total investment capacity to £535m after the new backing for its Residential Investment Fund UK
The new funding from 20 European institutional investors takes the fund’s total equity raised to £320m, sailing past an initial target of £250m.
REIM has already lined up an initial nine sites across Leicester, Birmingham, Warrington, Nottingham, Rugby, Gateshead and Glasgow, which will deliver around 2,500 apartments.
Bosses said the sector was now ripe for investment.
“We believe the current environment continues to provide an excellent opportunity to create high-quality rental assets at affordable levels, delivering attractive and sustainable investor returns,” said James Whidborne, head of residential fund management.
The Residential Investment Fund was created by the firm in August 2018 to focus on affordable rental properties, and bosses said they were now looking to ramp up their investment in the space.
“We want to build on this success and create further funds to continue to give investors access to this attractive sector, while also delivering on our conviction to place the end user at the heart of our approach, contributing to urban and social regeneration.”