Developer snags £100m funding boost

Nottingham-based housebuilder Wise Living has struck a deal with investment manager Triple Point which will see it receive £100 million of funding over the next 18 months.

The developer will use the additional capital to build more partnerships, delivering thousands of build-to-rent (BTR) homes for families across the UK.

Wise Living – a division of SDL Group – is already working on BTR schemes at sites in Birkenhead, Telford, Mansfield and Coventry.

The funding follows a £33 million commitment from ICG Longbow in October 2019.

Andy Deller, director at Wise Living, said: “To add Triple Point as a new funding partner that is willing to invest a further £100 million, so soon after our £33 million boost, is a major vote of confidence in the quality of our work as a partner to both developers and investors.

“Compared to this time last year, the amount of build-to-rent homes completed, under construction or in planning across the UK has increased by 20%. This additional funding will help us to move up another gear with our plans to not just build homes and communities but provide for the increasing demand for professionally managed PRS homes, particularly for families.”