National Housing Bank, a Homes England company, has committed up to £70 million to the Fiera Real Estate Single Family Housing (FRESH) fund, a new open-ended fund targeting a portfolio in excess of £1 billion of professionally managed family rental homes.
Backed by the Bank’s £51 million cornerstone investment and capital from private institutional partners, FRESH has now reached £200 million of investment capacity. This includes a further £19 million commitment from the Bank, which will become available as the fund scales, supporting early platform growth and attracting additional institutional investment into the residential sector.
FRESH, established by Fiera Real Estate UK Limited and Packaged Living Limited, Fiera Real Estate’s rental living platform, will invest through forward-funding and forward-commitment agreements with developers and housebuilders. Working alongside institutional investors and delivery partners, the fund will unlock housing developments and accelerate the delivery of new homes in supply constrained locations to deliver a diversified portfolio of newly built family rental homes across the UK.
The investment reflects the National Housing Bank’s role in supporting housing sectors with the potential to increase supply and unlock significant private investment.
The housing crisis is putting pressure on families across the country, which is why we’re determined to get better quality homes built.
This £70 million investment will get new family homes for rent off the ground and unlock private investment to build the housing our communities desperately need.
This investment demonstrates the role the National Housing Bank can play in attracting institutional capital into housing delivery. By partnering with Fiera and Packaged Living, we are supporting the creation of a pipeline of family rental homes at scale, helping to address undersupply in key markets and deliver lasting benefits for communities.
Securing this commitment is a strong validation of our investment thesis and joint track record with Packaged Living in delivering high-quality rental housing. The strategy provides institutional investors with targeted exposure to an established asset class that can be scaled effectively, marking another major step in our growth journey.
Living represents one of Fiera’s three conviction sectors alongside real estate debt and logistics, all of which are driven by strong structural tailwinds, long-term supply-demand imbalances, and defensive, inflation-resilient income streams.
This is a further example of how effective collaboration between private and public capital can accelerate housing delivery across multiple tenures and at scale. Packaged Living has been a pioneering force in the institutionalisation of UK single-family rental housing, which is now a mature asset class with demonstrable benefits across sustainability and socio-economic impact.
We will leverage our full lifecycle expertise and proven track record to deliver high-quality, sustainable homes that offer the potential for downside protection, growth prospects and measurable benefits for our investors.
The National Housing Bank’s investment demonstrates how public and private capital can work together to accelerate housing delivery. By investing in scalable platforms such as FRESH, the Bank is helping to unlock new sources of institutional investment into housing, support the delivery of high-quality homes and increase housing supply in areas where new homes are needed most.
We are the National Housing Bank, a Homes England company and government-backed public finance institution providing purpose-led finance to accelerate housing delivery and regeneration across England.
Over the next decade, we will invest up to £16 billion through debt, equity and guarantee products, stepping in where the market cannot. We aim to attract more than £50 billion of private capital to enable more homes, stronger places and thriving, sustainable communities.
We offer partners tailored and blended finance solutions alongside the full range of Homes England support. Our delegations and flexible approach mean we can respond with agility to changing market conditions, bringing long-term investment to transform places and boost economic growth across England.
Sources and further reading
GOV.UK — News & Communications — original report · Original publication: 2026-11-02
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