The National Housing Bank, a Homes England company, has committed up to £70 million to Fiera Real Estate and Packaged Living’s FRESH fund. The open-ended fund has reached £200 million in investment capacity and aims to build a portfolio exceeding £1 billion of professionally managed family rental homes across the UK. The investment is intended to attract institutional capital, unlock housing developments and increase supply in areas facing shortages.
Key Takeaways
- National Housing Bank has committed up to £70 million to FRESH, including a £51 million cornerstone investment and a further £19 million available as the fund scales.
- FRESH has reached £200 million in investment capacity and targets a portfolio exceeding £1 billion.
- The fund will work with developers and housebuilders through forward-funding and forward-commitment agreements.
- The investment aims to combine public and private capital to increase the supply of newly built family rental homes.
National Housing Bank Backs FRESH with Up to £70 Million
The National Housing Bank, a Homes England company, has committed up to £70 million to the Fiera Real Estate Single Family Housing fund, known as FRESH. The open-ended fund aims to develop a portfolio worth more than £1 billion, comprising professionally managed family rental homes across the UK.
The commitment includes a £51 million cornerstone investment from the Bank, alongside capital from private institutional partners. FRESH has now reached £200 million in investment capacity, including a further £19 million commitment from the Bank. This additional funding will become available as the fund expands, supporting early platform growth and helping attract further institutional investment into the residential sector.
The investment reflects the National Housing Bank’s mandate to support housing segments capable of increasing supply and unlocking significant private investment. By backing a scalable rental housing platform, the Bank intends to help bring new homes forward in locations where supply remains constrained.
The National Housing Bank’s announcement on GOV.UK outlines the commitment and the fund’s intended role in expanding UK housing delivery.
A Fund Designed to Unlock Housing Developments
FRESH was established by Fiera Real Estate UK Limited and Packaged Living Limited, Fiera Real Estate’s rental living platform. It plans to invest through forward-funding and forward-commitment agreements with developers and housebuilders.
Under this approach, the fund will work alongside institutional investors and delivery partners to support housing developments and accelerate the construction of new homes. Its strategy focuses on supply-constrained locations and aims to create a diversified portfolio of newly built family rental properties across the UK.
The fund’s target of a portfolio exceeding £1 billion in family rental homes represents a significant expansion ambition for the platform. The investment capacity already secured provides an initial base from which FRESH can grow, while the additional commitment from the Bank is structured to become available as the fund scales.
The strategy is intended to connect institutional investment with housing delivery. By providing capital through agreements with developers and housebuilders, FRESH aims to help projects progress and increase the availability of professionally managed rental homes.
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Public and Private Capital Respond to Housing Shortages
The investment comes as housing affordability and availability continue to put pressure on families across the UK. Housing Secretary Angela Rayner said the government is determined to get better-quality homes built and described the investment as a way to get new family rental homes underway while unlocking private investment.
National Housing Bank Chief Executive Simon Century said the commitment demonstrates the institution’s ability to attract institutional capital into housing delivery. He said its partnership with Fiera and Packaged Living would support a pipeline of family rental homes at scale, address undersupply in key markets and deliver lasting benefits for communities.
The fund’s structure brings together public backing and private institutional capital. The Bank’s cornerstone commitment and additional scaling investment are intended to help establish the platform and encourage other investors to participate.
The model also reflects the Bank’s broader role in supporting housing sectors where investment can expand supply. FRESH is positioned as one such platform, connecting capital with developers and delivery partners to support new residential construction.
Institutional Interest in Single-Family Rental Housing
Charles Allen, Head of European Real Estate at Fiera Real Estate, described the commitment as validation of the firm’s investment thesis and its track record with Packaged Living in delivering rental housing.
He said the strategy offers institutional investors targeted exposure to an established asset class that can be scaled. Fiera identifies living as one of its three conviction sectors, alongside real estate debt and logistics. The company points to structural tailwinds, long-term supply-demand imbalances and defensive, inflation-resilient income streams as factors supporting these sectors.
Packaged Living CEO Ed Ellerington said collaboration between private and public capital can accelerate housing delivery across multiple tenures and at scale. He described single-family rental housing as a mature asset class with potential sustainability and socio-economic benefits.
Packaged Living intends to apply its full-lifecycle expertise and track record to deliver high-quality, sustainable homes. Ellerington said the strategy offers investors potential downside protection and growth prospects, alongside measurable benefits.
Outlook: Scaling the UK’s Family Rental Supply
FRESH’s next stage will depend on expanding its investment capacity, attracting institutional partners and building a pipeline of developments with delivery partners. The additional £19 million commitment from the National Housing Bank is designed to become available as the fund grows, supporting that scaling process.
The fund’s ambition to exceed £1 billion in assets highlights the potential scale of institutional investment in professionally managed family rental housing. Its use of forward-funding and forward-commitment agreements may help developers progress projects in locations where housing supply is constrained.
The National Housing Bank’s investment demonstrates how public and private capital can work together to support housing delivery. Whether FRESH reaches its portfolio target will depend on execution, development opportunities and continued investor participation. Its stated objective, however, is clear: channel institutional capital into new family rental homes and help increase supply where communities need it most.
FAQs
What is FRESH?
FRESH is an open-ended single-family rental housing fund established by Fiera Real Estate UK Limited and Packaged Living Limited.
How much has the National Housing Bank committed?
The Bank has committed up to £70 million, including a £51 million cornerstone investment and a further £19 million available as the fund scales.
What is FRESH’s investment target?
The fund aims to build a portfolio exceeding £1 billion of professionally managed family rental homes across the UK.
How will FRESH support housing delivery?
It plans to invest through forward-funding and forward-commitment agreements with developers and housebuilders, helping unlock developments and accelerate new-home delivery.
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