Urban Splash fund looks to grow portfolio after securing debt facility

The residential fund launched by Urban Splash is eyeing more purchases after securing a £20m debt facility with Barclays. The new revolving credit facility is for an initial £20m with a further £20m available if certain conditions are met. Set up in 2017 and led by Akeel Malik, the Urban Splash Residential Fund is currently ungeared and is looking to accelerate its acquisition strategy to build an institutional-scale portfolio of design-led rental homes across the UK. It raised £150m of equity from institutional and high net worth investors and today owns and manages 307 homes with an average rent of around £1,100 per month. In the past year, Urban Splash Residential Fund expanded its portfolio by more than 30%, acquiring 80 new homes in Manchester, Birmingham – including the Port Loop building, pictured – and Cambridge from developers and landlords such as Places for People, Oval Real Estate, and Javelin Block. It has also acquired properties through its strategic partnership with developer Urban Splash and has occupancy levels of 98%. Gunnercooke, Gorvins and Deloitte advised Urban Splash, while Barclays was represented by Osborne Clarke and JLL. To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews Image © Urban Splash Residential Fund