The National Housing Bank has made a £100million investment in Starlight UK’s Build-to-Rent Fund II, contributing towards the development of up to 6,000 new homes.
The Build-to-Rent Fund II will develop professionally managed rental housing in structurally undersupplied markets, including major regional cities such as Manchester, Liverpool and Leeds, as well as key London commuter belt locations. The homes will be located close to employment, education and transport – supporting wider economic growth and regeneration in local communities.
The investment builds on the success of Starlight’s first UK BTR fund, and the National Housing Bank says that it reflects its commitment to partnering with experienced, professional operators who share its place-based priorities.
Starlight Investments, headquartered in Toronto, has operated in the UK since 2020 and currently manages a portfolio of 4,000 homes and £1.1billion in assets under management. Starlight says that the National Housing Bank’s investment, alongside significant commitments from a diverse base of global institutional investors, will advance its growing UK platform.
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. We welcome this partnership as part of our efforts to help communities access the homes they need.”
Daniel Drimmer, founder and chief executive officer of Starlight Investments, said: “Starlight’s UK residential strategy is rooted in responsible, long-term investment and a commitment to providing high-quality rental options for residents. 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.”
