The fund invested £20.8m in its portfolio in the past year including 20 MMC energy-efficient town houses in Cambridgeshire, as well as Derwent House, a block of 40 loft-style apartments in a converted foundry in the Jewellery Quarter in Birmingham.

The portfolio now contains 307 homes at year end, an increase of 22% which when valued, has a like-for-like capital uplift of 2.4%.

Average occupancy levels were 97% with a like-for-like rental growth of 4.1% and a rent collection rate of 99%.

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The results also showed a profit of £1.8m, down on 2022 (£2.2m) due in part to a cash drag, which Akeel Malik, fund manager at Urban Splash (pictured above), said is a reflection of the UK macroeconomic situation: “There was a longer than anticipated timeline on new acquisitions as we waited for repricing in the market, and a number of purchases occurred post year end.

“Despite the headwinds that have come from interest rate rises and other global factors, our fund has maintained its performance and continues to develop as an institutional-scale UK residential portfolio.”

In June the fund established a new £20m revolving credit facility with Barclays to invest further and offer more new homes for rent.

The results showed a cash balance of £15.6m which was earmarked for acquisitions occurring post year end.

Akeel added: “Ongoing equity fundraising discussions assist in our ambition to build an institutional-scale portfolio of design-led rental homes across the UK, with an identified pipeline of over £1bn through our companies and JVs, as well as third parties.

“We believe there is continuing institutional interest and belief in the UK residential rental sector.”