£500m family-focused build-to-rent platform launched

A Gatehouse scheme in Walsall

TPG Real Estate Partners (TREP) and Gatehouse Bank have launched a £500m build-to-rent platform focused on the single-family sector.

The partnership between the private equity firm and Sharia-compliant bank has created Start Living. It aims to develop more than 2,500 two, three and four-bedroom homes in areas that provide a high level of family amenities such as schools and leisure facilities.

The developments will typically form part of new housing schemes developed by third-party housebuilders and the venture aims for these to be indistinguishable from those up for private sale.

The first homes have been made available this week in Scunthorpe, with three further sites acquired in the West Midlands and Nottinghamshire.

Countryside and Vistry are developing the first four locations, with further sites proceeding to completion.

Paul Stockwell, the chief commercial officer at Gatehouse Bank, said: “Our ambitions for the platform demonstrate the scale of the opportunity – there is significant demand for high-quality, professionally managed rental homes, and in helping to meet this need Start Living will become a leading single-family BTR platform, providing the amenities and flexibility demanded by modern family life.

“The vast majority of BTR homes that have been developed to date are ideal for young professionals, but less suitable for families – and this is the opportunity. Gatehouse Bank’s pioneering work and track record in the UK single-family sector, allied to the understanding TREP brings from its successful US holdings, will establish Start Living as the go-to name for families seeking to rent.”

James Piper, Partner at TPG Real Estate, said: “With our strong track record developing and owning high-quality private rental assets in North America, we are focused on building scale and excellence within the Start Living platform and acting as a valued partner to both homebuilders and the families that will call these properties home.”