- PfP Capital targeting a total fund size of £150m
- Rettie appointed to identify suitable Mid Market Rent investment opportunities, builds on firm’s BTR and MMR expertise
- Matthew Benson: “significant development for Scotland and economy”
Edinburgh, 20th June 2018 – Rettie’s Development Services division has been appointed to support in the delivery of one thousand affordable homes across Scotland, through the intended use of a Mid Market Rent (MMR) Fund, following a long-term loan of £47.5 million from the Scottish Government. The fund, when established, will be managed by PfP Capital, a full scope UK AIFM and a subsidiary of regeneration group, Places for People (PfP). This strategy forms part of the Scottish Government’s blueprint to build over fifty thousand affordable homes by 2021. PfP Capital intends to raise capital from third parties over the coming months. It is intended that the MMR Fund will be registered with the Financial Conduct Agency (FCA) as an Alternative Investment Fund.
Rettie is PfP Capital’s exclusive agent for delivering the pipeline of affordable homes and has been appointed to identify and appraise suitable sites. The appointment comes on the back of the property group’s expertise in Build to Rent and Mid Market Rent, including having worked alongside Forth Ports on the latest phase the Western Harbour regeneration in north Edinburgh – where there were over 3,000 applications for 138 units – and advising developer Moda Living on Springside in central Edinburgh and Holland Park in Glasgow, two of Scotland’s largest Build to Rent developments. Overall, Rettie’s Build to Rent team, headed up since last year by Hazel Sharp Webb and supported by Scotland’s largest private sector property research team led by Dr John Boyle, has advised on the majority of the 4,000 plus units in Scotland’s Build to Rent pipeline.
Matthew Benson, Rettie Director and head of Development Services, said: “The PfP fund is a significant development for Scotland and the economy and we look forward to supporting the PfP team as they work towards delivering Scotland’s largest ever project of this kind.”
Chris Jones, Managing Director, PfP Capital, said: “PfP Capital are delighted to be working with Rettie The firm’s extensive development experience, exceptional research base and track record in organising the funding and delivery of mid-market rent homes in Scotland over the last 5 years, makes them a natural fit as advisor to PfP Capital’s mid-rent fund.”
- PfP Capital will establish a fund which will deliver and operate the 1000 mid-market rent homes. Investors in the fund are anticipated to benefit from index-linked returns derived from the rental income.
- Rettie, the independent firm of property specialists, was founded in 1993 and now has over 130 people working across 9 offices.
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