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Matter Real Estate is proud to announce that it raised £145m of commitments for Placefirst, an award-winning developer, owner and operator of high-quality single-family rental (“SFR”) housing in the UK, in 2024.
The capital has been raised across Matter’s core and opportunistic strategies from investors including UBS, GCM Grosvenor and abrdn. It will be deployed with the goal of developing, and operating over 6,500 units, of which over 3,700 are either stabilised or already under construction today.
The core, opened-ended, strategy seeks to be the long-term owner of a high quality, diversified UK SFR portfolio and deliver excellent operational performance. The existing portfolio has a 5+ year track record of 100% occupancy, gross of 80% to net and strong rent growth. Developments in this portfolio, including The Welsh Streets in Liverpool, have benefitted from Matter and Placefirst’s well-established partnership culminating in an award-winning regeneration of the scheme.
The opportunistic strategy seeks to develop and stabilise UK SFR schemes either developing directly, or through joint ventures or forward fundings with a range of housebuilder partners. Over the last year, the strategy has facilitated a pattern of successful acquisitions for Placefirst, including developments with [Vistry], Miller Homes, Keepmoat, Strata and Jelson Homes.
Matter first backed Placefirst in 2016 and partnered with the management team to provide funding and the expertise required to achieve scale. With Matter’s support, Placefirst will continue growing its portfolio and meeting the significant demand for high-quality SFR homes in the UK.
The capital has been raised across Matter’s core and opportunistic strategies from investors including UBS, GCM Grosvenor and abrdn. It will be deployed with the goal of developing, and operating over 6,500 units, of which over 3,700 are either stabilised or already under construction today.
The core, opened-ended, strategy seeks to be the long-term owner of a high quality, diversified UK SFR portfolio and deliver excellent operational performance. The existing portfolio has a 5+ year track record of 100% occupancy, gross of 80% to net and strong rent growth. Developments in this portfolio, including The Welsh Streets in Liverpool, have benefitted from Matter and Placefirst’s well-established partnership culminating in an award-winning regeneration of the scheme.
The opportunistic strategy seeks to develop and stabilise UK SFR schemes either developing directly, or through joint ventures or forward fundings with a range of housebuilder partners. Over the last year, the strategy has facilitated a pattern of successful acquisitions for Placefirst, including developments with [Vistry], Miller Homes, Keepmoat, Strata and Jelson Homes.
Matter first backed Placefirst in 2016 and partnered with the management team to provide funding and the expertise required to achieve scale. With Matter’s support, Placefirst will continue growing its portfolio and meeting the significant demand for high-quality SFR homes in the UK.