Q&A: Philip Nell reveals what lies ahead for Vista PRS fund

摘要

It seems there is no sating Vista's hunger for the private rented sector (PRS). Last month, the dedicated PRS fund made its second-biggest investment to date, forward-funding the 164-unit Manchester Waters scheme to the tune of £23m. The joint venture between Hermes Investment Management and Countrywide, which was created in 2014 to fund the companies' first forays into the sector, purchased the first phase of Manchester Waters in Trafford from Rowlinson Construction. The development won planning consent for 164 build-to-rent flats across 96,547 sq ft last November. Vista has committed 75% of its £115m seed funding into existing assets since it was formed and has a £200m pipeline, with a target to grow to more than £1bn over the next five years. In the medium term, its expansion targets are between £250m and £400m a year.