UK-based pan-European real estate fund manager PineBridge Benson Elliot has lined up new debt facilities that will provide it with £300 million to finance the acquisition of 34 sites for the development of single family properties for rent.
The sites will provide a total of 2,600 units, part of the firm’s plan to acquire 5,000 units, which are being obtained through Sigma Capital Group, a subsidiary of PineBridge Benson Elliot’s managed funds. Sigma provides build-to-rent housing and has almost 10,000 units under management.
Sigma’s strategy is to acquire new, high quality housing on a large scale to provide affordable rental housing for families. Preferred locations are close to primary schools, employment hubs and transport links.
“We have witnessed a significant interest from lenders, even amidst the challenges of the current rates landscape,” said PineBridge Benson Elliot managing partner Joseph De Leo. He said this is testament to the firm’s UK strategy which is anchored by a predicable cash flow.
Luca Scollo, senior vice president at PineBridge Benson Elliot, said: “With the recent acquisition of 2,600 units, Sigma has not only secured its place at the forefront but also fortified its ability to respond to the structural supply constraints of quality single-family homes. The foundation is laid, and now we embark on a journey of scale and excellence.”