Toronto-based Starlight Investments, a global real estate investment and asset management firm, has announced the successful closing of the Starlight UK BTR Fund II.

Fund II, together with capital raised through ancillary investment vehicles, reached £680 million in capital commitments and will support the acquisition and delivery of more than 6,000 build-to-rent (BTR) homes across the UK.

Fund II is partially deployed and includes three significant rental communities under construction, including two in Manchester and one in Basildon.

The Manchester buildings are Trinity Heights, a 60-storey BTR community, and a second BTR development under construction in the city’s Greengate area.

“Fund II’s successful closing represents a significant milestone in the continued expansion of Starlight’s UK platform and reflects investor confidence in the company’s BTR strategy, operational excellence, and disciplined execution,” said Starlight.

“Fund II attracted strong participation from a diverse group of global institutional investors from across Europe, APAC, and Canada, including both existing limited partners and several new investors.

“Earlier this year, the Fund also received a major commitment from Homes England’s National Housing Bank, reinforcing the strategy’s alignment with country-wide efforts to increase the supply of much-needed rental housing.”

Raj Mehta, President, Global Markets, Starlight Investments, said: “The successful close of Fund II reflects the strong institutional conviction behind Starlight’s UK residential strategy and the opportunity we continue to see in the market.

“We are grateful for the continued support of our existing partners and pleased to welcome new investors to the platform.

“With the capital committed, we are well positioned to continue delivering homes in chronically undersupplied markets across the UK.”

Jonnie Milich, Head of UK Residential, Starlight Investments, said: “With Fund II now closed, our focus is on execution and the next phase of growth for our UK residential platform.

“We have built a significant pipeline, an experienced local team and a growing portfolio of communities moving through construction, lease-up and operations. As we continue to advance our pipeline and bring new communities online, our portfolio will place us among the UK’s top four BTR operators by scale.”