Viventi in £100m UK build-to-rent investment after appointing FirstPort at partner
US investor Viventi has said today that it is planning to inject £100m into the UK’s growing build-to-rent (BTR) market.
In a bid to cash in on the rising demand for homes built specifically with a view to being rented out and professionally managed, Viventi Capital Management is moving into the UK properry market with a £100m investment from institutional investors.
Viventi will work with FirstPort, one of the UK’s biggest managers of residential property, with plans for developing sites across the UK ranging from 250 to 400 units.
"Our strategic partnership with FirstPort, the UK’s largest residential property manager, also provides us with the scalability and expertise to help Viventi to design, operate and maintain a portfolio of Build to Rent communities across the UK," said Charles Flynn, chief executive of Viventi Capital Management.
Nigel Howell, chief executive of FirstPort, added: "Working with Viventi from the start of the planning process ensures we deliver what BTR customers want. FirstPort will also be the single point of contact for the customers – from helping them secure a tenancy, to looking after their home. This complete model, which will see us going ‘behind the front door’ is what BTR customers want, and we are delighted to use our expertise to deliver a first-class service for them."
Recent research from Knight Frank found that an extra 560,000 households are set to be renting a home by 2023, taking the proportion of housing in the private rented sector from 20.6 per cent to 22 per cent in the next four years.
Read more: Private Rented Sector investment to hit £75bn by 2025
According to Knight Frank roughly £75bn of investment is set be committed to the professionally managed private rented sector in the UK by 2025.