Hearthstone Investment Management, an institutional investment manager specializing in U.K. residential properties, has purchased 113 residential properties in the Midlands, on behalf of Hearthstone Residential Fund 1 (HRF1), its 10-year private equity fund.
The closed-ended fund focuses on investments in the United Kingdom’s private rented sector.
The latest acquisitions, worth a combined value of £28 million ($36 million), comprise 80 units in southern England and 33 residential properties in the Midlands.
According to Richard Otten, partner and director of asset management at Hearthstone, the latest acquisitions add to asset clusters already established through previous acquisitions by the fund, strengthening the firm’s footprint across southern England and the Midlands.
HRF1 completed a final close earlier this year with more than £200 million ($257 million) in capital commitments from seven U.K. authority pension funds.
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