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Places for People JV to pour £330M into UK private rented sector

Places for People Group Ltd., or PfP, teamed up with Universities Superannuation Scheme, or USS, to invest a planned £330 million in the U.K. private rented sector, Property Magazine International reported, citing the company.

The partnership will pay PfP about £150 million to buy a seed portfolio of residential assets, in addition to which it may acquire similar properties, worth roughly £10 million, post completion.

PfP Capital chose USS as its preferred partner, after revealing its plan to launch a fund in March 2017. Under the contract, USS will finance the entire original investment target of the partnership, while PfP Capital will serve as the asset manager and own a 10% interest in the JV. Touchstone will manage the intended portfolio on a daily basis.

Aside from acquiring the seed assets, the two partners will use the remaining capital committed to purchase additional private rented sector assets across the U.K., the May 22 report noted.

PfP Capital sought advice from Rothschild, John Forbes Consulting, Greenberg Traurig, Eversheds, Deloitte and Savills on the transaction, while USS was advised by Gowlings, JLL, GVA, PWC and Carey Olsen.