|Deal Size:||£25m structured equity – funding the development of 1,000 new PRS homes|
|About the client:||PlaceFirst is one of the UK’s only integrated specialists in the Private Rented Sector (PRS) as a developer, owner and operator. Seeking to redefine the institutional PRS sector in the UK, PlaceFirst develops modern, high-quality, affordable homes, designed specifically from the ground up for the private rental market.|
|About the transaction:||
Akur Capital ran an extensive process to identify and deliver the most appropriate capital to partner with the PlaceFirst management team. As an emerging asset class within UK real estate, institutional PRS is still very much in its development phase in the UK – there is currently no clear accepted market practice to delivery – but the need for high quality PRS in the UK is overwhelming.
Akur is pleased that ESO Capital, a European special situations investor with real estate interests, has committed to partner with PlaceFirst for the development and delivery of its PRS portfolio.
David Smith-Milne, CEO of PlaceFirst commented:
|Lead:||David Shapton, Tom Frost|