We’re a rental property fund with a large portfolio of residential properties.
Build to rent is a term that started popping up in the media, and it was popularised in the UK over the last five years.
Build to rent means acquiring a property with the purpose of building and development and then renting the entire development out rather than selling it. So ResiFund is really a portfolio of rental properties, and we aim to buy properties that are already rented out or ready to be rented out.
Sometimes they might not exist in the areas that we want, in the form that we want. It might make sense for us to build them. Sometimes that could be single family homes where we buy a block of land and we’d build it and then rent it out within six months.
We’ll obviously do that if we think that we can add value to the property and that’s going to be beneficial to our investors, or if the type property that we want there doesn’t exist in the form that we wanted.
Similarly with larger scale buildings, they may not exist in the areas that we want, and we may have to look at how we get those properties built. If somebody else has built it and we can acquire it as a finished asset that’s already rented out, perfect.
If it doesn’t exist and somebody else hasn’t already started that process, then we may acquire property and enter into an agreement that somebody else to build it for us so that we can then benefit from the rental income once it’s complete.
So perhaps ResiFund includes some build to rent, but certainly ResiFund is not a build to rent fund. We’re a rental property fund with a large portfolio of residential properties.