UK: Macquarie’s BTR platform Goodstone Living has closed its first fund, with more than £550 million investment capacity.
The Goodstone Living Partners 1 fund has secured equity investments from UK and international investors including Northern Local Government Pension Scheme (Northern LGPS).
The fund is focused on completing and operating rental residential communities across London and major regional UK cities, for long term ownership. Its initial portfolio comprises almost 1,000 homes already under construction in Edinburgh and Birmingham.
Iliya Blazic, chief executive at Goodstone Living, said: “The successful launch of our first managed fund and ability to attract high-quality institutional capital partners speaks to the confidence global investors have in the underlying fundamentals of the build-to-rent sector, as well as Goodstone Living’s vision of creating a better way to rent. We are excited to support our capital partners in creating next generation rental communities that integrate innovation, sustainability, wellbeing and customer service into every decision.”
James Bechely-Crundall, senior vice president at Macquarie Asset Management, added: “Our investment in Goodstone Living on behalf of our managed funds is aligned to our strategy of establishing and incubating specialist real estate managers in sectors we believe are supported by significant structural tailwinds. We believe that a scalable market opportunity exists in the UK rental residential sector and that Goodstone Living is well positioned and has the capability to promote decarbonisation initiatives and create social value in the local communities in which it operates. We would like to congratulate the team on the closing of their first managed fund, which marks a major milestone in Goodstone Living’s short history. We look forward to continuing to work with the business and its capital partners to support their growth ambitions.”
