Venn Partners has launched a 拢265m (鈧�308.8m) UK private rented sector (PRS) bond.
The 10-year bond, open to PRS operators until December next year, is the first issued through the UK government鈥檚 PRS Guarantee Scheme.
The government is guaranteeing bonds as it looks to stimulate investment in UK PRS.
Venn Partners said 拢175m had been funded immediately, with the balance retained for applications being processed and expected to fund in the coming months.
Paul House, head of real estate and managing partner at Venn Partners, said: 鈥淲e are encouraged by the strong response from PRS operators keen to access the government鈥檚 backed PRS funding.
鈥淲e have met with over 300 PRS operators over the last year, representing over 拢3bn worth of PRS schemes, and have great confidence on the breadth, depth and long-term potential of this market.鈥�
The PRS scheme, House said, underpinned by the bond鈥檚 government guarantee and rating, is designed to provide 鈥渃ompetitively priced financing and work around the various needs of PRS operators across the country鈥�.
Venn Partners issued the bond through its PRS Finance subsidiary, with HSBC and RBS as joint lead managers.
Venn Partners said the subsidiary would become a regular issuer of bonds, with varying maturities of 10-30 years.
In total, the scheme is targeting 拢3.5bn of PRS product.
The forthcoming Nov/Dec edition of IPE Real Estate will feature a special focus on the UK鈥檚 private rented sector
