ESO Real Estate Increases Investment To Placefirst To Support Accelerating Growth Plans

ESO Capital

29th March 2019

ESO Real Estate, an investment manager focused on European asset-backed special opportunities, announces that it has increased its capital commitment to Placefirst, a specialist developer of homes for rent in the UK, with a further £29 million to support its ambitious and accelerating growth plans.

Placefirst works with local authorities and other organisations on the wholesale planning and transformation of neighbourhoods through both new build and conversion, with a focus on creating high quality, distinctive rental homes for working families.

Today’s increased investment from ESO will support the next phase of Placefirst’s growth, with the Manchester-based team expanding to develop projects across the North of England, Scotland and the Midlands.

ESO first invested in the business in 2016, acquiring a major stake and providing £25 million of capital to finance the development a 1,000 unit portfolio. With a guaranteed source of financing to draw on, the Placefirst management team has been fully focused on developing its real estate investments and its deep relationships with UK local authorities, accelerating the growth of its pipeline of opportunities. The team is now on-track to deliver the initial 1,000 unit portfolio well ahead of plan and has a nationwide development pipeline in excess of 4,000 units

ESO has been integral in supporting Placefirst to build its organisational infrastructure and expand its team, notably the development of Placefirst Construction, which acts as the principal contractor for all of the company’s developments.

David Christie, Head of ESO Real Estate, commented: “We are delighted to be increasing our investment in Placefirst today, underpinning its next phase of growth towards becoming a national leader in UK build-to-rent housing. There is a real need for developers to work with local authorities in the UK to address the acute shortage of housing for families.

“During the course of our partnership, Placefirst has enhanced its operational capabilities and, as importantly, with the support of a committed capital facility from long-term partner, Placefirst has been able to access more deals and execute its business plan more effectively, delivering more value and more homes.”

David Smith-Milne, Managing Director of Placefirst, said: “More and more families find themselves reliant on the private rented sector for their housing need.  The success of our major PRS developments in the North West and North East, where we have transformed run down neighbourhoods into high quality, expertly managed Private Rental communities shows the potential our model has to help address he Country’s housing challenges.  We are pleased to be expanding our development facility with ESO to continue the Company’s growth.”

- Ends -

For further information

ESO Capital Partners

Tingting Peng
+44 203 642 2600

Kepler Communications

Charlotte Balbirnie
+44 7989 528421

Notes to Editors

About ESO Real Estate:

ESO Real Estate is an investment manager focused on asset-backed opportunities throughout Europe. It supports strong management teams that have specialist assets with both debt and equity capital.

The ESO Real Estate team incorporates extensive investment capabilities that leverage ESO Capital’s experienced finance, asset management and business development teams.


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