PfP Capital completes first two development sites in Scotland

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