Homes England unit backs Fiera and Packaged Living's UK rental fund, lifting it to $266M
What's the deal? Fiera Real EstateDealroom has a profile for this one. Try Dealroom → and Packaged Living have reached roughly €238 million (about $266 million) of investment capacity for FRESH, their open-ended UK single-family housing vehicle. The milestone follows an €83 million commitment from the National Housing BankDealroom has a profile for this one. Try Dealroom →, a Homes EnglandDealroom has a profile for this one. Try Dealroom → company.
What's the endgame? FRESH is targeting a portfolio of about €1.2 billion of professionally managed family rental homes across supply-constrained UK locations. It will invest through forward-funding and forward-commitment deals with developers and housebuilders, giving them a scalable route to deliver new homes.
Why now? The strategy was only established in August 2026, making the public-sector backing an early endorsement. The National Housing Bank aims to invest up to €19 billion in housing delivery and regeneration over the next decade, and to attract more than €60 billion of private capital alongside it.
Who's involved? Fiera Real Estate is the European arm of Fiera Capital, managing about €3.1 billion of assets with a living pipeline of more than 12,500 homes. Packaged Living develops and operates 4,000 homes and already runs a single-family partnership with Aviva.
"This investment demonstrates the role the National Housing Bank can play in attracting institutional capital into housing delivery," said Simon Century, chief executive officer of the National Housing Bank. Charles Allen, head of European real estate at Fiera, called the commitment "a strong validation of our investment thesis."
The signal: Single-family rental is moving from niche to core institutional strategy, with public capital acting as catalyst rather than competitor. Homes England's move follows the National Housing Bank's £100 million backing for Long Harbour and its £100 million partnership with Aviva — a pattern of using partnerships to crowd in private money for rental-home delivery.
Read more: europe-re.com
Image credit: Generated with Gemini
