UBS Asset Management, Real Estate & Private Markets, Multi-Managers business (UBS REPM MM) has agreed to invest in Matter Real Estate’s UK Residential Income Fund (MUKRIF).
The new fund will be seeded by assets from Matter portfolio company Placefirst, which will also continue as a property manager.
With Matter as investment manager and Placefirst as property manager, UBS REPM MM will act as the anchor LP in the vehicle, with an initial commitment of £105 million.
The fund’s initial transaction includes the acquisition of over 560, high-quality, single-family rental (SFR) homes located in five sites across five different UK towns, including Liverpool, Leeds and Sheffield. Future acquisitions of assets from Placefirst, as well as from other developers, are expected in the coming years, with the fund targeting core returns over the long-term.
“The commitment from UBS REPM MM is a testament to Matter’s extensive knowledge of the market and skill as managers in leading Placefirst through its initial development phase. We look forward to working closely with UBS REPM MM to capitalise on the strong momentum in UK SFR, and to delivering on Placefirst’s exceptional potential,” said David Christie, CEO at Matter Real Estate.
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