Edmond de Rothschild Real Estate Investment Management (REIM) has raised €178.6m (£155m) of equity at the latest closes of its two UK residential investment funds, which are focused on delivering a positive social impact. The Edmond de Rothschild Residential Investment Fund UK, which invests in the private rented sector (PRS) with a focus on need and affordability, has raised €155.5m (£135m) from European institutional investors following its second close. Funding Affordable Homes (FAH), a social impact company which builds and acquires affordable housing, has raised €23.1m (£20m) at its first close since Edmond de Rothschild REIM was appointed as Property and Investment Adviser.
The fund’s first six assets are forward funding agreements in Leicester (two sites), Birmingham (two sites), Warrington and Nottingham, which, in total, will deliver around 1,400 apartments. Edmond de Rothschild REIM operates a vertically-integrated platform and provides lettings and management service for the completed developments from its in-house PRS team.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “We are delighted with the support shown by investors towards our social impact residential investment strategy, both for private sector build-to-rent and regulated affordable housing. We aim to grow our UK residential platform to in excess of €1.1bn (£1bn) over the next 24 months. We believe the current environment provides an excellent opportunity to create a diversified portfolio of UK rental assets delivering the panacea of sustainable investor returns and genuine social impact. This is at the heart of Edmond de Rothschild’s core convictions”.