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The newly launched National Housing Bank will invest £100m over phases into Canadian property company Starlight Investments’ UK Build-to-Rent (BTR) Fund II.
CGI of Starlight Investments’ build-to-tent scheme in Maidenhead, Berkshire. The company aims to deliver 6,000 homes with the investment (picture: Starlight Investments)
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The newly launched National Housing Bank will invest £100m over phases into Canadian property company Starlight Investments’ UK Build-to-Rent Fund II #UKhousing #UKlivingThe equity investment, along with significant commitments from global institutional investors, will enable the development of 6,000 homes.
It also reflects a shared commitment to expanding the supply of rental housing.
The investment is among the first made through Homes England’s newly established National Housing Bank – the government’s new vehicle for long-term place-shaping and housing investment.
Starlight UK’s BTR Fund II builds on the Starlight Investments’ first UK BTR fund and continues the company’s long-term strategy of developing and operating rental housing in structurally undersupplied markets.
Starlight UK, established in 2020, is a residential asset management platform focused on BTR. It has an aim of developing thousands of new homes across major regional cities, including Manchester, Liverpool, Leeds and the London commuter belt.
Starlight Investments has a UK portfolio of 4,000 homes and £1.1bn in assets under management. Its established track record as a BTR operator was a key factor in Homes England’s decision to align with its Starlight UK platform.
The National Housing Bank deploys government-backed capital across funds, platforms and partnerships to unlock housing and regeneration projects and crowd in private capital. Over the next decade, the bank will invest up to £16bn through debt, equity and guarantee products. It also aims to attract over £50bn of private capital.
The National Housing Bank offers partners tailored and blended finance solutions alongside support from Homes England. Its delegations and flexible approach means it can respond with agility to shifting market conditions.
Simon Century, chief executive officer of the National Housing Bank, said: “This is exactly the kind of investment – made through the government’s National Housing Bank – that will help to transform England’s housing market.
“Supporting international capital to commit to building thousands of new homes in towns and cities across the country is a hugely encouraging sign that England’s residential market is open for business and able to attract institutional investment to support growth.
“Starlight’s approach to development, professional management and institutional ownership of mid-market rental housing aligns with our place-based priorities.”
Daniel Drimmer, founder and chief executive officer of Starlight Investments, said: “Building on our expanding UK portfolio, this partnership marks an important milestone as we continue to grow our BTR platform and align private investment with outcomes that benefit local communities.”
In March, the chair of the National Housing Bank told Inside Housing Living that BTR was a “particular priority”.
Last year, Starlight Investments bought 255 BTR homes from house builder Countryside Properties, a subsidiary of Vistry Group. The deal marked Starlight Investment’s 10th BTR acquisition in the UK since it entered the market in 2023.