Long Harbour, the real estate investment manager and leader in operational real estate, has secured a new debt facility with Barclays to support the expansion of its Single Family Housing Fun ("LHSFF" or "The Fund"). The facility is flexible and scalable and allows Long Harbour to fund development costs for its current and pipeline schemes on a pari passu basis. Barclays's initial commitments total £66.8m to cover the first two completed transactions.

Long Harbour secured a £300 million seed equity commitment from South Korea's National Pension Fund (NPS). The Fund has a target size of £1.2 billion over the next 18 months, with a strategy to acquire new-build family homes across the UK, with a focus on South and South East of England.

The fund has committed to over £180 million of acquisitions to date, and identified a further £100 million of opportunities, having already funded over 450 homes since inception. The Fund's first deal was the forward funding of 105 homes in Newhall, followed by the acquisition of 369 rental homes from Dandara in Horsham and Great Dunmow and Miller Homes in Kent. All investments will bring forward much needed rental homes in well-connected areas experiencing structural housing shortages and increasing demand.

Through the LHSFF, Long Harbour is looking to bring both domestic and international investment to the undersupplied UK housing market, where build to rent is playing an increasing role in an environment of high interest rates and where financing of diverse types of tenures is vital to increase supply.

Jack Spearman, Managing Director of Single Family Housing at Long Harbour, said: “Scaling LHSFF’s portfolio and meeting our ambitious deployment targets requires well-structured debt funding that can support forward funding for our investments. The option to extend the size on the loan with Barclays based on future acquisitions gives us flexibility while we focus on identifying the best opportunities in the market. We see a huge opportunity for overseas investors to gain exposure to this high growth market, benefitting from Long Harbour’s experience in developing and operating build to rent assets.”

Steve Springens, Head of Listed Companies Barclays, said: “Barclays were delighted to continue supporting Long Harbour in this socially important fund. Providing the house builders with the confidence to build, and supply rental homes for Long Harbour’s tenants is very much needed in the UK. In Long Harbour we are supporting an operator with an excellent track record, in a loan structure that works for all parties.”

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