The funding, from a multi-billion dollar US credit fund, will be used by the department to target partnerships with both commercial and residential developments.

This new department will also selectively pursue opportunities which include the repositioning or repurposing of existing assets, including office conversions and within income generating alternative sectors.

MERA will partner with experienced developers and firms to provide equity investments of £5m to £15m per project, generally targeting projects with a two to three year time horizon and a spread of liquidity and exit strategies.

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MERA has already successfully financed two JV projects, recently signing its largest deal to date by partnering with Winslade Park to support the development of the £100m mixed-use scheme in Exeter.

“Deal flow across the market is strong but many operators are struggling to find the preferred equity required to bring projects forward,” said Antony Iannaccone, CIO at MERA.

“At the same time, we are seeing growing appetite from US investors looking to increase their exposure to UK real estate.

“With its stable legal and regulatory framework and depth of liquidity, the UK remains one of the most attractive destinations for global property capital, particularly at a time when pricing adjustments have created compelling entry points.”