In a strategic move to target new single-family homes, Picture Living has sold two portfolios, Spark and Seville, enabling the recycling of capital. Following this sale, the company has pledged £23 million to support two private rented sector (PRS) developments in Essex. This investment marks a significant step in Picture Living’s mission to provide high-quality rental homes across the country.

Two New Developments

In Coggeshall, north Essex, a collaboration with Vistry Group will result in 36 new homes, with the first set to be available at the beginning of 2024. Meanwhile, in Elsenham, north-west Essex, Dandara will develop 27 properties, with completion expected in the summer of 2024.

A Growing Portfolio

Picture Living’s commitment to investing in modern houses for rent is evident in its current assets under management (AUM) of £350 million. The company’s portfolio includes approximately 1,725 single-family homes and apartments, with more than 160 currently under development. Recent acquisitions include 106 single-family homes across three schemes in Market Harborough, Warwick, and Derby.

Strategic Acquisitions and Partnerships

The sale of the Spark and Seville portfolios has been a key part of Picture Living’s acquisition strategy, allowing for capital recycling to target new single-family homes. Picture Living’s alignment with like-minded firms has enabled them to leverage strengths and expertise to bring more professionally managed rental homes to the market.