Urban Splash Residential Fund releases annual results for year ending March 2024
The Urban Splash Residential Fund was established by SURE Capital Partners in June 2017 to acquire design-led sustainable homes in urban regeneration areas across the UK - through the Urban Splash pipeline, strategic partners and opportunistic purchases. Urban Splash UK Residential LLP (USUKR), has reported significant growth for the year ending March 2024.
The total portfolio value increased by 25% to £93.3 million, driven by £18.4 million in property acquisitions, including the largest to date at East Street Mills in Leeds. This acquisition expanded the portfolio by over 30% and added £1.1 million in rental income.
Growth this year was supported by the Fund’s first finance facility, a £20 million revolving credit facility (RCF) with Barclays. The Fund recorded high occupancy rates throughout the year, with financial occupancy at 97.1% and rent collection at 99.4%.
Akeel Malik, a Partner at SURE Capital Partners LLP, the investment advisor to USUKR, said: “FY24 has been a significant year of growth for us.
“We are advancing with acquisitions and offering more people the chance to live in brilliantly designed homes across the country. Our Fund now owns 435 properties in cities like Manchester, Birmingham, Sheffield, Bristol, Cambridge, and Leeds. These results position us well for the coming year.”
Other financial highlights include a 10.2% increase in operating profit to £2.3 million and a 45% rise in turnover to £4.8 million, partly driven by 5.3% like-for-like rental growth. The results also reflect market stability, with CPI falling to 3.8% (from 8.9% in 2023) and the Bank of England’s interest rate holding steady at 5.25% from August 2023 to March 2024. Akeel added: “Our access to long term patient capital allows us to continue investing in this stable market, advancing our ambition to create an institutional-scale portfolio of design-led rental homes across the UK. We are actively looking for strategic partners that we can work with to deliver high quality homes for rent”.
Established in 2017, the Urban Splash Residential Fund has developed a market-leading experience that actively engages local communities. The Fund offers initiatives including 100% green energy as standard, ethically sourced welcome gifts, and a community platform called Ark offers a resident app with local business discounts. Concluded Akeel: “These initiatives align with our emphasis on ESG and social impact, making it easier for our customers to live sustainably while securing better returns for investors.”
Looking for something else?
