The fund management arm of property developer Places for People has raised an additional 拢40m (鈧�46.2m) for an impact-focused Scottish mid-market rent fund.
PfP Capital said the Mid-Market Rent (MMR) fund received the capital commitment from the Scottish National Investment Bank, taking the fund鈥檚 total commitments to over 拢180m.
The amount raised exceeds the impact fund鈥檚 initial 拢160m fundraising target, PfP said, adding that it has now increased the fund鈥檚 target size to 拢240m.
As previously reported, the MMR housing fund 鈥� backed by Scottish government and Castle Rock Edinvar 鈥� received 拢85m from the Nationwide Pension Fund and Strathclyde Pension Fund in July last year. The fund was launch in June 2018
The MMR fund was established to deliver mid-market rental homes including a mix of apartments and family houses within commuting distance of Scotland鈥檚 main cities.
The manager said the fund is now developing seven sites, with a further 897 affordable homes under construction.
William Kyle, fund director, PfP Capital, said: 鈥淭he capital provided by the Scottish National Investment Bank allows us to both exceed our initial target of 1,000 affordable homes and to accelerate beyond this as we attract additional funds.
鈥淲e have already made great progress in achieving that first target, completing construction on our first two developments comprising 109 homes.鈥�
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