The National Housing Bank, a Homes England company, has pledged up to £70 million to the Fiera Real Estate Single Family Housing (FRESH) fund to expand UK rental housing supply.

The open-ended vehicle was created by Fiera Real Estate UK Limited alongside Packaged Living Limited, which operates as Fiera Real Estate’s rental living platform. FRESH is targeting a total portfolio value exceeding £1 billion focused on professionally managed family rental properties.

An initial £51 million cornerstone investment from the bank, combined with private institutional capital, has brought the fund’s current investment capacity to £200 million. An extra £19 million commitment from the bank will be released as the platform scales to attract further institutional funding.

The fund will operate through forward-funding and forward-commitment agreements with housebuilders and developers. The capital will target supply-constrained locations across the UK to construct newly built single-family rental accommodation.

Angela Rayner, Secretary of State for Housing, Communities and Local Government, said: “The housing crisis is putting pressure on families across the country, which is why we’re determined to get better quality homes built. This £70 million investment will get new family homes for rent off the ground and unlock private investment to build the housing our communities desperately need.”

Simon Century, Chief Executive Officer for the National Housing Bank, said: “This investment demonstrates the role the National Housing Bank can play in attracting institutional capital into housing delivery. By partnering with Fiera and Packaged Living, we are supporting the creation of a pipeline of family rental homes at scale, helping to address undersupply in key markets and deliver lasting benefits for communities.”

Charles Allen, Head of European Real Estate at Fiera Real Estate, commented: “Securing this commitment is a strong validation of our investment thesis and joint track record with Packaged Living in delivering high-quality rental housing. The strategy provides institutional investors with targeted exposure to an established asset class that can be scaled effectively, marking another major step in our growth journey. Living represents one of Fiera’s three conviction sectors alongside real estate debt and logistics, all of which are driven by strong structural tailwinds, long-term supply-demand imbalances, and defensive, inflation-resilient income streams.”

Ed Ellerington, CEO of Packaged Living, added: “This is a further example of how effective collaboration between private and public capital can accelerate housing delivery across multiple tenures and at scale. Packaged Living has been a pioneering force in the institutionalisation of UK single-family rental housing, which is now a mature asset class with demonstrable benefits across sustainability and socio-economic impact. We will leverage our full lifecycle expertise and proven track record to deliver high-quality, sustainable homes that offer the potential for downside protection, growth prospects and measurable benefits for our investors.”