PE fund boosts resi portfolio with Derby acquisition

A major UK private equity fund has snapped up 66 residential properties on the Kedleston Grange Estate in Allestree, Derby as part of a £93m acquisition spree.

Hearthstone Investments’ private equity fund, Hearthstone Residential Fund 2, has added more than 300 homes to its portfolio – including its Derby investments – over the past year. The fund also recently acquired 31 properties at St James’ Park in Bishop’s Stortford.

Helen Simons, investment director at Hearthstone Investments, said: “Our growing portfolio now numbers over 1,800 houses and apartments, in targeted communities across the country. In partnership with our investors, we are committed to ensuring those who choose to rent their homes can benefit from some of the best stock in their local area, with the confidence that their homes will be energy efficient, well maintained and well managed.”

Law firm Womble Bond Dickinson (WBD) advised Hearthstone on its recent acquisitions.

WBD’s Tom Willows said: “We are pleased to have advised Hearthstone Investments on two exciting additions to their ever-growing portfolio, which will see the development of more than 90 properties in locations where there is substantial demand for private rented housing. This represents the latest in a number of transactions handled for Hearthstone and we’re proud to have developed a highly effective and long-standing relationship with them.”

Housebuilder Miller Homes created 110 jobs in Allestree when it began the second phase of the 400-home development on Kedleston Road back in 2021.