Simon Century, chief executive of the National Housing Bank, said: “This investment demonstrates the role the National Housing Bank can play in attracting institutional capital into housing delivery.
“By partnering with Fiera and Packaged Living, we are supporting the creation of a pipeline of family rental homes at scale, helping to address undersupply in key markets and deliver lasting benefits for communities.”
Charles Allen, head of European real estate at Fiera Real Estate, said: “Securing this commitment is a strong validation of our investment thesis and joint track record with Packaged Living in delivering high-quality rental housing.
“The strategy provides institutional investors with targeted exposure to an established asset class that can be scaled effectively, marking another major step in our growth journey.”
Ed Ellerington, chief executive of Packaged Living, said: “This is a further example of how effective collaboration between private and public capital can accelerate housing delivery across multiple tenures and at scale.”
He added: “We will leverage our full lifecycle expertise and proven track record to deliver high-quality, sustainable homes that offer the potential for downside protection, growth prospects and measurable benefits for our investors.”
Packaged Living manages a portfolio of garden-style, co-living and multifamily homes and is currently developing and operating 4,000 homes.
Fiera’s European real estate business has £2.6bn of assets under management. Living is one of three core focus areas, alongside real estate debt and logistics, and it has a pipeline of 12,500 homes.
Packaged Living recently acquired Apo Group, a BTR management company. Under the deal, Packaged Living will absorb management contracts for 1,000 third-party homes across Liverpool, Manchester and London.
