15th Jan 2016 11:09
LONDON (Alliance News) - Royal Bank of Scotland Group PLC on Friday said it has committed GBP1.0 billion of capital to back the development of thousands of new purpose-built private rental schemes.
In a statement, the lender said it has seen increased demand from developers and operators looking to build and manage purpose-built rental schemes in the UK, similar to models found in the US and Europe.
"Building new homes, purpose built for rent, is an important step in increasing and diversifying the UK?s housing supply. We are already providing financing support to a number of leading developers and look forward to working with other sponsors across the country," Phil Hooper, RBS head of residential development, said.
Hooper said the GBP1.0 billion commitment to the private rental sector comes in addition to the GBP2.0 billion per annum provided by the bank to support the development of homes for sale.
In addition, RBS named Chiara Zuccon as its head of private rented sector, a newly created role. According to a LinkedIn profile for Zuccon, she has worked at RBS since 2007.
Shares in RBS were down 1.8% at 271.90 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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