Real estate investment and management firm Starlight Investments has closed its Starlight UK Build-To-Rent (BTR) Fund II, with total capital commitments of £680m.
The fund, which also raised capital through ancillary investment vehicles, will be used to support the acquisition and delivery of more than 6,000 BTR homes across the UK.
Fund II is partially deployed and includes three schemes under construction, with two in Manchester and one in Basildon.
It attracted participation from a range of global institutional investors from across Europe, Asia-Pacific and Canada, including both existing limited partners and several new investors.
The fund also received a £100m commitment from Homes England’s National Housing Bank in May.
The Manchester schemes include the 60-storey 532-unit tower in the Castlefield conservation area on the bank of the River Irwell. The tower will include a range of one‑, two- and three-bedroom apartments as well as an indoor pool, co-working areas, a gym, resident lounges and an outdoor terrace.
The second Manchester property is a 40-storey 517-unit tower in the city’s Greengate neighbourhood, which includes a range of one-to-three-bedroom homes and a collection of amenities.
The Basildon scheme comprises 492 units across three blocks and forms part of the city’s wider £600m redevelopment masterplan.
Raj Mehta, president, global markets at Starlight Investments, said closing the fund “reflects the strong institutional conviction behind Starlight’s UK residential strategy”.
He added: “We are grateful for the continued support of our existing partners and pleased to welcome new investors to the platform. With the capital committed, we are well positioned to continue delivering homes in chronically undersupplied markets across the UK.”
Jonnie Milich, head of UK residential at Starlight Investments, said: “With Fund II now closed, our focus is on execution and the next phase of growth for our UK residential platform.
“We have built a significant pipeline, an experienced local team and a growing portfolio of communities moving through construction, lease-up and operations. As we continue to advance our pipeline and bring new communities online, our portfolio will place us among the UK’s top four BTR operators by scale.”