The JV has acquired an initial seed portfolio of 11 sites across the Midlands, Yorkshire and the North East from housebuilder Persimmon.

This portfolio will be asset managed by Gatehouse, a minority partner, with Ascend appointed as property manager.

The plan is for the JV to partner with other housebuilders and deploy £750m to assemble a scaled portfolio of 2,500 newly-built single-family rental homes.

Purchase commitments of over £200m are being targeted by the end of 2024.

“The UK SFR sector benefits from a number of compelling demand fundamentals, and continues to be characterised by a chronic undersupply of purpose-built stock,” said Michael Abel, founder and CEO of GREYKITE.

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“In particular, we have identified several UK cities with attractive rental growth prospects, as a result of their supportive demographics, forecast GDP growth and good affordability metrics.”
 
Paul Stockwell, group managing director of Gatehouse, added: “This launch comes at an exciting time in the SFR sector as it becomes an increasingly vital pillar of the UK’s housing mix.
 
“With the first homes already acquired from Persimmon – a housebuilder we have worked with previously that understands the requirements of SFR – the new portfolio is on track to scale swiftly, leveraging the team’s sector understanding and delivery partner relationships to secure the best sites nationwide.”