German giant launches major UK PRS fund

摘要

German real estate group Patnzia has made a major move into the UK residential market with the launch of a dedicated private rented sector fund and the announcement of a 500-home PRS scheme. Manchester's First Street project will be Patrizia UK's first build-to-let development in the country and will comprise 500 homes and around 1m sq ft of office space. Patrizia has not revealed the scale of its proposed PRS fund but it is likely to be sizeable, with the firm already managing 80,000 homes across mainland Europe, worth a total of €7bn (£5.07bn).