Hearthstone Residential Fund 1 makes first PRS acquisitions in Southern England

Hearthstone Investment Management Limited, a London-based institutional investment manager specializing in residential property (PRS), has announced a series of acquisitions from two major housebuilders for the Hearthstone Residential Fund 1 (HRF1), a 10-year closed-ended private equity fund investing into the private rented sector across the United Kingdom. The United Kingdom has been subdivided into six regions for targeted asset allocation purposes.

The acquisitions when completed will total £16.2 million ($21.1 million) and mark the first acquisitions for the fund in Southern England. The fund has completed on two low-rise blocks of flats and houses in Crawley while also exchanging contracts on three low-rise blocks of flats in Milton Keynes. All properties are new build and are anticipated to be ready to let in stages during 2019.

“Crawley is positioned close to Gatwick airport, the second-busiest airport in the United Kingdom, and Milton Keynes is home to increasing numbers of companies choosing to expand their presence outside London,” said Andrew Smith, partner and CIO, Hearthstone Investment Management. “Both locations have excellent transport links, both locally and into the capital. We believe that providing homes in areas where people want to live and work is integral to ensuring sustainable rental demand from families, young professionals and key workers.”