The new purchases increase the number of homes in the portfolio by 41% to 437 and add £1.3m of income to the rent roll.

Among the acquisitions are 112 studio, one- and two-bedroom apartments at East Street Mills – a Grade II listed former textile mill that is well-located in the East Leeds regeneration area, close to the Calls and Royal Armouries.

Homes here have been restored with original features like exposed brickwork, cast iron pillars, original roof timbers and feature windows retained to appeal to occupiers.

Other acquisitions include ‘upside-down’ terraced homes at Chimney Pot Park in Salford, and apartments at 3Towers in Manchester.

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Both schemes were originally developed by Urban Splash, with whom the residential fund has identified a long-term pipeline of 4,500 new homes.  

Akeel Malik, fund manager at Urban Splash (pictured above), explained: “2023 has been a significant year of growth for us. 

“We are focusing on off-market higher-yielding acquisitions in the current macroeconomic environment, while preserving rent-to-income levels of less than 30% for our residents.

“Our offering now reaches prospective tenants across the country, with homes in Manchester, Altrincham, Birmingham, Sheffield, Bristol, Cambridge, Bradford, and now Leeds.

“Our portfolio of differentiated homes is well positioned for modern living with flexible, spacious interiors, access to outdoor spaces, and strong connectivity.”