Places for People wants to drive its single-family rented housing strategy
PfP Capital has appointed Jamie Younger as a fund manager to head up its regional private rented sector platform and drive its strategy to acquire more single-family homes.
Younger comes from being head of transactions at real estate investment management firm Patrizia for just over four years.
He will head up PfP Capital’s £330m regional PRS business Picture Living, replacing Tim Saunders, who is retiring after seven years. PfP Capital is the social value and ESG-focused fund management arm of social landlord Places for People.
Younger will work with James Nicholls, who joined PfP Capital in December 2022 from PRS provider Leaf Living, on new acquisitions.
He will also develop and implement new strategies with the senior management team at PfP Capital, which announced a joint venture last month with Lloyds Banking Group social investor Housing Growth Partnership to build 1,200 sustainable homes.
Younger has more than 25 years experience in fund management, real estate equity and credit investment and led a seven-strong team at Patrizia. He has also held senior roles at financial services company GE Capital, investment bank Lehman Brothers and global investment firm Invesco.
Catherine Webster, chief executive of PfP Capital, said: “Jamie has a proven track record across the capital stack in both the living and commercial investment sectors. His experience will be key as we look to quickly scale the Picture Living strategy, whilst targeting the launch of more innovative fund strategies over the medium term to meet growing investor demand in the living sector.”
Younger said PfP Capital provided a “blueprint for future housing delivery in the UK. He said: “Its focused living strategy and access to pipeline through its Places for People relationship can be married up with institutional capital seeking an experienced partner to offer attractive risk adjusted returns.”
Picture Living was set up in 2018 as a joint venture between Places for People and pension scheme Universities Superannuation Scheme.
It has a portfolio of more than 1,500 single family homes and is currently acquiring schemes of between 30 and 80 units across the UK.
Touchstone, the specialist property management business of Places for People, manages the portfolio.
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