The value of the Urban Splash Residential Fund more than tripled during its latest financial year as its profits spiked.
Newly-released results show the fund's net asset value grew to £90.3m – more than three times the £25.2m value in its last annual report.
It also posted a profit of £2.2m, a 70% rise on the £1.3m recorded in 2021.
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The fund invested more than £30m in new acquisitions during the reporting period, taking the portfolio to 252 homes in six UK cities; Manchester, Sheffield, Birmingham, Cambridge, Bristol and Bradford.
The portfolio was 96% occupied at year end and achieved a like-for-like capital uplift of 3.3% and a £892,000 increase in its revaluation reserve.
Fund manager Akeel Malik said: "We are delighted to have successfully completed our fifth year of trading, another period of significant growth for our portfolio.
"Our appetite for future acquisitions remains and we continue to have additional equity and debt fundraising discussions to assist in our ambition to build an institutional-scale portfolio of design-led rental homes across the UK.
"We will maintain our approach, investing in sustainable and differentiated homes that offer our residents access to great design, in integrated communities, with space indoors and outdoors. I am excited about our next stage of growth, and grateful for the continued support of our investors and advisers."
The Urban Splash Residential Fund was established in June 2017 to acquire "design-led" homes in urban regeneration areas across the UK.
Having raised £150m of equity from institutional and high-net worth investors, today the fund owns and manages 252 homes.
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