Budenberg Haus in Altrincham was acquired this year. Credit: via Cubed Thinking

Urban Splash Residential Fund reports £30m acqusition spree

The fund has released its results to March 2022, a period in which it made a £2.2m profit.

The fund invested more than £30m in new acquisitions during the reporting period, taking the portfolio to 252 homes in six UK cities; Manchester, Sheffield, Birmingham, Cambridge, Bristol and Bradford.

USRF’s portfolio was 96% occupied at year end. The firm said that as a result of its resilient income stream and consistent rent growth, it has achieved a like-for-like capital uplift of 3.3% and a £892,000 increase in its revaluation reserve.

Fund manager Akeel Malik said: “Our appetite for future acquisitions remains and we continue to have additional equity and debt fundraising discussions to assist in our ambition to build an institutional-scale portfolio of design-led rental homes across the UK.”

Other highlights include a profit of £2.2m, a 70% uplift on the £1.3m recorded in 2021. The results also show net asset value growth to £90.3m – more than three times the £25.2m value in its last annual report.

USRF has already identified an acquisition pipeline of more than £1bn through its relationship with regeneration company Urban Splash and other third parties. It said that a sustainability-led strategy will see the fund continue to invest in homes with green credentials, as well as offering initiatives such as 100% green energy as standard and the security of 5-year inflation-linked leases by default.

Malik concluded: “We will maintain our approach, investing in sustainable and differentiated homes that offer our residents access to great design, in integrated communities, with space indoors and outdoors. I am excited about our next stage of growth, and grateful for the continued support of our investors and advisers.”

The Urban Splash Residential Fund was established in June 2017 to acquire design-led homes in urban regeneration areas across the UK.

Having raised £150m of equity from institutional and high net worth investors, today the fund owns and manages 252 homes, with a diversified portfolio ranging from studio apartments to four-bedroom town houses and with an average rent of around £1,000 per month.

At MIPIM this year, Urban Splash chairman Tom Bloxham sat down with Place North West to talk about the goal of making the residential fund a £3bn portfolio within ten years.

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