USRF renews lending with Barclays

Urban Splash Residential Fund and investment adviser SURE Capital Partners have secured a £50m debt facility with the bank.

The new revolving credit facility replaces a previous £20m facility secured in 2023, allowing USRF to continue its acquisition strategy to build an institutional-scale portfolio of rental homes in cities across the UK.

This announcement follows USRF’s £200m agreement with sustainable single-family housing developer Citu in December, establishing a strategic partnership under a MoU for an initial 600 homes.

Fund manager Akeel Malik said: “We are delighted to continue our recent growth, building on our successful relationship with Barclays and securing an increased revolving credit facility as we expand the portfolio through new and existing partnerships with best-in-class developers.

“The continued support of such a prominent financial institution enables us to further invest in the delivery of much-needed sustainable housing and regeneration across UK regions.”

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Jason Constable, head of real estate at Barclays Corporate Banking, added: “We are delighted to expand our support for USRF as the business continues to grow its portfolio of design-led homes across the UK. This is yet another example of our strong commitment to the UK housing sector.”

USRF was established in 2017 and has since expanded to offer a national portfolio, maintaining strong occupancy levels of 98%. Its investment adviser is SURE Capital – Sustainable Urban Real Estate Capital Partners.

Having raised £150m of equity from institutional and high net worth investors, today the fund owns and manages 474 homes, with a diversified portfolio ranging from studio apartments to four-bedroom town houses and with an average rent of around £1,100 per month.

Gorvins advised the Urban Splash Residential Fund, while Barclays was represented by Osborne Clarke and JLL.