Edmond de Rothschild Real Estate Investment Management (REIM) has raised £155 million ($215 million) in the latest closes of its two U.K. residential investment funds, Edmond de Rothschild Residential Investment Fund U.K. and Funding Affordable Homes (FAH).
Launched in August 2018, the Edmond de Rothschild Residential Investment Fund U.K. invests in the private-rented sector, with a focus on need and affordability. The fund has raised £135 million ($187 million) from European institutional investors, following its second close.
The fund has now collected a total of £266 million ($369 million) of equity, giving it £450 million ($624 million) in buying power, including debt. This surpassed the original fundraising target of £400 million ($555 million).
The fund already has secured its first six assets in the form of forward-funding agreements, located in Birmingham, Leicester, Nottingham and Warrington. These will deliver a total of 1,400 apartments.
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