Residential fund injects £15m into expanding its homes portfolio

The Urban Splash Residential Fund has invested £15m in new off-market acquisitions, purchasing 129 occupied homes in Leeds and Manchester.

The latest acquisitions increase the number of homes in the portfolio by 41% to 437 homes, and add £1.3m of income to the rent roll.

The acquisitions come just weeks after the fund confirmed the signing of a £20m revolving credit facility with Barclays, increasing total capital to around £160m.

Fund manager Akeel Malik said: “2023 has been a significant year of growth for us; we are moving forward with acquisitions and offering more people the chance to live in brilliantly designed homes in cities across the country.

Akeel Malik

“We are focusing on off-market higher yielding acquisitions in the current macroeconomic environment, whilst preserving rent-to-income levels of less than 30% for our residents – currently 22%.”

Among the acquisitions are 112 studio, one and two-bedroom apartments at East Street Mills – a Grade II Listed former textile mill located in the East Leeds regeneration area near the Calls and Royal Armouries.

Malik added: “Our comprehensive offering now reaches prospective tenants across the country, with homes in Manchester, Altrincham, Birmingham, Sheffield, Bristol, Cambridge, Bradford and now Leeds.

“Our portfolio of differentiated homes is well positioned for modern living with flexible, spacious interiors, access to outdoor spaces and strong connectivity.”

Gorvins acted on behalf of the Fund, with Pinsent Masons acting on behalf of the vendors.

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