PfP Capital, the fund management business established by Places for People, has completed the construction of the first two development sites in Scotland and acquired a further site in January. The completed sites deliver 109 new homes for affordable rent with the additional site at Newhall Street in Glasgow delivering 151 apartments.
In addition, the Mid-Market Rent Fund has raised an additional £40 million (€46 million/$56 million) from the Scottish National Investment Bank, taking the fund’s total commitments to more than £180 million (€208 million/$251 million). This exceeds its initial target of £160 million (€185 million/$223 million) and follows the investment from Strathclyde Pension Fund and Nationwide Pension Fund. As a result, PfP Capital is raising the initial target size of the fund to £240 million (€278 million/$335 million).
The fund is now developing seven sites, with a further 897 affordable homes under construction. Acquisition of the Ne
