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UK: Royal London Asset Management (RLAM) has entered the single-family rental (SFR) market via the RLAM Living Fund with the forward-funding of a 284-home scheme on Riverpark Road in Manchester.
In partnership with north-west housebuilder Kellen Homes, the forward-fund will deliver 111 single-family homes and 173 low-rise apartments at the Riverpark development. The homes are close to Etihad Stadium, Co-Op Live Arena and the National Cycling Centre, and served by several local bus routes.
The acquisition grows RLAM’s build-to-rent (BTR) portfolio to nearly 1,250 units. The scheme follows previous acquisitions in Slough, Bracknell, Barking and Watford, with residential commitments now surpassing £530 million.
Like all homes in the strategy, the new units will be operated by ProperTies Living, Royal London Asset Management’s vertically integrated residential management firm. RLAM says this allows the firm to remain close to its residents and ensure the highest standards of service, amenity delivery, and operational performance, enhancing long-term investment returns.
The scheme continues the build-out of ProperTies’ regional hub model, marking the first project in the ProperTies Northwest Hub. The model is targeting key suburban and commuter towns in the UK regions, alongside Greater London and the Southeast, as areas for expansion.
Completion is targeted for Q3 2028 with leasing expected to begin in Q3 2027.
Paul Ruston, living fund manager at Royal London Asset Management, said: “Our long-term investment approach, combined with a vertically aligned model that enables close operational oversight, means we are well placed to support the continued growth of this emerging segment of the housing market. Complementing our ongoing expansion in the build-to-rent market, the single-family housing sector presents a significant opportunity for early mover advantage, underpinned by compelling supply-demand dynamics. Greater Manchester was a natural choice of location to enter this market, combining acute housing undersupply with strong demand for attainable, family-sized rental homes from an established mobile workforce.”
Charlie Miller, director of transactions at ProperTies Living, said: “Riverpark brings our resident-first offer developed in the BTR sector to the single-family market, delivering the high-quality, professionally managed homes the region desperately needs. Following this first development, we plan to grow our Northwest footprint through a dedicated regional hub, establishing a local presence in the suburban and commuter markets where demand for these rental homes is significant.”
Ian Kelley, chief executive at Kellen Homes, said: “We are delighted to be partnering with Royal London Asset Management and ProperTies Living to bring forward these quality rental homes offering people a flexible way to access housing in this popular and well-connected area of Manchester.”
Highlights:
- Royal London Asset Management (RLAM) has entered the single-family rental market via the RLAM Living Fund with the forward-funding of a 284-home scheme on Riverpark Road in Manchester
- In partnership with north-west housebuilder Kellen Homes, the forward-fund will deliver 111 single-family homes and 173 low-rise apartments
- The acquisition grows RLAM’s build-to-rent (BTR) portfolio to nearly 1,250 units
- Completion is targeted for Q3 2028 with leasing expected to begin in Q3 2027
