The Ares fund will focus on new-build detached and semi-detached housing in areas within 30 minutes of a city center. will have an average monthly rent of about 800 to 900 pounds, Ruane said in an interview.
The venture with developer Moda Living Ltd. “Increasingly, families want the flexibility” of renting “with changing lifestyles and increased work from home.” “You see a change in how people want to live,” he said. The Ares fund is betting that soaring home prices will drive more Brits into renting for longer, while the pandemic has increased the draw of leafier areas further away from crowded city centers. Low borrowing costs have sent house values to their least affordable level since at least 1983, according to Nationwide data. The private equity firm expects to construct more than 5,000 homes by the end of 2025 on the outskirts of cities including Birmingham, Leeds and Manchester, according to John Ruane, the co-head of European real estate equity at Ares. suburbia, targeting an area where there’s long been a shortfall of accommodation for middle income earners. venture is planning to develop more than 1 billion pounds ($1.35 billion) of rental homes across U.K.
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