Starlight Investments has secured £680m of capital commitments to expand its build-to-rent portfolio across the UK.
The investment was raised through Starlight UK BTR Fund II and associated investment vehicles. It will support the acquisition and delivery of more than 6,000 rental homes.
The fund is already partially deployed. Its portfolio includes three developments under construction, with two in Manchester and one in Basildon.
Starlight said the latest fundraising attracted institutional investors from Europe, Asia-Pacific and Canada. The group secured backing from both existing and new investors.
Earlier this year, the fund also received a commitment from Homes England’s National Housing Bank.
Raj Mehta, president, global markets at Starlight Investments, said: “The successful close of Fund II reflects the strong institutional conviction behind Starlight’s UK residential strategy and the opportunity we continue to see in the market.
“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.”
Starlight currently has 12 UK BTR communities at various stages of development, leasing and operation. Its strategy focuses on major regional cities and London commuter markets.
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.”
