KKR and Puma Property Finance Form £500M Joint Venture to Expand UK Residential, BTR and PBSA Lending
LONDON — KKR and Puma Property Finance announced the formation of a joint venture on March 9, 2026, to provide up to £500 million in senior development and stabilisation loans targeting UK residential, build-to-rent (BTR) and purpose-built student accommodation (PBSA) projects, the firms said in a joint statement.
The three-year forward-flow partnership will target individual loans of £20 million to £75 million, with Puma Property Finance responsible for origination, underwriting and loan management, and private credit funds, clients and accounts managed or advised by KKR providing institutional capital, structuring expertise and investment committee oversight. A senior credit facility from a major international bank, which was not identified in the announcement, will also support the platform.
Structure of the Joint Venture
The newly formed joint venture combines Puma Property Finance's established origination platform and track record in UK real estate lending with KKR's scale, institutional structuring capabilities and global credit expertise, according to the announcement. The platform is designed to support experienced developers delivering projects in supply-constrained UK housing markets.
"We are pleased to work with Puma Property Finance to scale access to institutional capital in the UK residential development market," said Anirban Ghosh, Managing Director at KKR. "We believe this platform is well positioned to support experienced developers delivering much-needed housing across the country, combining Puma's local expertise and origination capabilities with KKR's global credit platform and disciplined underwriting approach."
The platform targets the £20 million-plus loan segment. Eligible projects span build-to-rent, build-to-sell and purpose-built student accommodation schemes across the United Kingdom.
Puma Property Finance's Track Record in Real Estate Development Lending
Puma Property Finance, founded in 2012, has originated approximately £2 billion in UK real estate-backed loans since inception, with a focus on residential and student accommodation sectors. The firm's specialist development lending team will be responsible for sourcing, underwriting and managing loans on behalf of the joint venture.
Market Conditions Cited in the Announcement
Non-bank lenders accounted for 57% of all commercial development lending in the United Kingdom in 2025, according to figures cited in the announcement, reflecting a shift away from traditional bank financing in the development sector.
The UK living sector — encompassing residential, BTR and PBSA assets — attracted £12 billion in investment throughout 2025, according to data referenced in the announcement.
The KKR and Puma Property Finance joint venture is structured to target the £20 million to £75 million loan range, a segment the firms describe as one where demand for institutional capital continues to outpace supply.