Homes England's National Housing Bank Commits £70 Million to Fiera Real Estate and Packaged Living's FRESH Single-Family Housing Fund
Fiera Real Estate UK Limited and Packaged Living Limited have reached £200 million of investment capacity for FRESH, their new open-ended single-family housing vehicle, following a £70 million investment from Homes England's National Housing Bank, the firms announced Nov. 2.
Fiera Real Estate UK Limited ("Fiera") is the European real estate arm of Fiera Capital Corporation (TSX: FSZ). Packaged Living Limited ("Packaged Living") is a UK rental living platform. The National Housing Bank, a Homes England subsidiary, is aiming to invest up to £16 billion in housing delivery and regeneration over the next decade.
FRESH Fund Structure and Investment Strategy
The National Housing Bank commitment will support further deployment into FRESH's existing pipeline. The £70 million comprises a £51 million cornerstone investment plus a further £19 million that becomes available as the fund scales.
FRESH is targeting a £1 billion portfolio of professionally managed family rental homes across supply-constrained UK locations. The vehicle was established in August 2026 and will invest through forward-funding and forward-commitment agreements with developers and housebuilders. FRESH will use the Sustainability Impact label under the UK Sustainable Disclosure Regulation.
The fund's £1 billion target is roughly five times its current £200 million of investment capacity. That ratio is not a stated leverage figure or a projected return.
Fiera Real Estate and Packaged Living Platforms
FRESH builds on the two firms' track record in UK living sectors. Packaged Living manages a portfolio of garden-style, co-living and multi-family homes and is currently developing and operating 4,000 homes.
For Fiera, living is one of three core focus areas, alongside real estate debt and logistics. The firm reported a diversified pipeline of more than 12,500 homes as of June 30, 2026. Its European real estate business had £2.6 billion of assets under management as of the same date.
Executives Comment on the Homes England Investment
Charles Allen, Head of European Real Estate at Fiera Real Estate, said: "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."
Allen added: "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, said: "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 rental housing, of which single family housing is now a mature asset class with demonstrable benefits across sustainability and socio-economic impact."
Ellerington continued: "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."
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."
UK Single-Family Rental Market Context
The commitment comes as the supply of rental houses in the UK remains constrained. Knight Frank reported that UK homes listed to rent in the first quarter of 2026 were 32% below the 2017–19 average, with houses down 35% and flats down 30%. Over the five years to the first quarter of 2026, UK house rents rose 32%, compared with 21% for flats.
Tenant demand data points in the same direction. RICS data cited by Knight Frank showed a net balance of +14% of surveyors reporting increased tenant demand in May 2026, while +36% expected rents to rise in the near term.
Market commentary also points to growing institutional interest in suburban and regional single-family rental housing relative to some high-density city-centre apartment strategies, citing affordability pressures, tighter funding conditions for urban schemes and relatively stronger yields for family housing in regional and suburban markets.
National Housing Bank Mandate
The National Housing Bank uses debt, equity and guarantees to accelerate housing delivery. It has authority to deploy up to £16 billion over the next decade and is intended to support more than 500,000 homes while unlocking over £53 billion of private investment. Its mandate is focused on England.
Forward-funding and forward-commitment structures such as those FRESH will use can give housebuilders greater certainty of exit, which may help schemes proceed amid elevated construction costs and constrained development finance. The Homes England commitment gives public capital an institutional route into new-build rental housing through a managed vehicle.
Outlook for FRESH
With £200 million of investment capacity secured against a £1 billion portfolio target, FRESH will deploy into its existing pipeline through agreements with developers and housebuilders. The fund is targeting supply-constrained locations across the UK.
Sources
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