Pluto Finance Hits £1bn Lending Milestone as BTR Investment Expands
Pluto Finance has reached £1 billion of cumulative lending through its flagship institutional lending vehicle, marking a significant milestone for the real estate finance specialist as it continues to support residential development across the UK and Europe. The milestone comes as Pluto provides development finance for a new Build to Rent scheme in the Midlands, further strengthening its exposure to the living sector at a time when institutional capital continues to play an important role in delivering new rental housing. Pluto Finance specialises in real estate private credit, providing development, bridging and investment finance across residential and commercial property. Since its formation in 2011, the business has deployed more than £4 billion across over 350 loans and has helped finance the delivery of more than 15,000 new homes. Its flagship lending strategy has increasingly focused on areas where housing supply remains constrained, providing capital to developers and supporting projects ranging from conventional residential development to purpose-built rental accommodation. The £1 billion milestone also reflects Pluto’s expansion beyond the UK. The lender now operates across markets including Ireland, Germany, the Netherlands, Spain and Portugal, as it develops a broader European real estate finance platform. Institutional backing has played an important role in that growth. Universities Superannuation Scheme, one of the UK’s largest pension schemes, holds a substantial minority stake in Pluto, while the lender established a strategic partnership with Blackstone in 2025 focused on originating and executing larger mid-market real estate loans across Europe. For the BTR market, the latest Midlands financing demonstrates the continued role of alternative lenders in unlocking development at a time when construction costs, viability pressures and changing traditional bank lending appetite remain important considerations for developers. Sustainability is also increasingly embedded within Pluto’s lending strategy. Its Low Carbon Lending Programme provides incentives for developments achieving defined reductions in embodied and operational carbon, while much of its development lending has historically supported brownfield sites and urban regeneration. The latest BTR development loan therefore forms part of a much wider residential investment strategy, combining institutional capital with development finance to support the delivery of new homes. With its flagship vehicle now passing £1 billion of cumulative lending and its European operations expanding, Pluto Finance’s latest milestone highlights the growing importance of private credit to the UK’s BTR and wider residential development markets. Building, Design & Construction Magazine | The Choice of Industry Professionals
Willmott Dixon completes £100m student village for University of Staffordshire
Offsite light gauge steel frame took the superstructure of the £100m Stoke-on-Trent scheme from start to finish in 32 weeks NATIONAL tier one contractor Willmott Dixon has completed the new Student Village at the University of Staffordshire, a 1000-bed development in Stoke-on-Trent whose superstructure was delivered in 32 weeks using an offsite light gauge steel frame system. The £100 million scheme has been delivered under a Design, Build, Finance, Operate (DBFO) model by a consortium of Willmott Dixon, HOCHTIEF PPP Solutions UK and Ireland, Plenary and Pinnacle Group, working with the university. Project and industry partners were given a preview of the completed village ahead of the first residents moving in for the new academic year. The modern methods of construction (MMC) strategy centred on a fully integrated light gauge steel frame (LGSF) solution, manufactured offsite and assembled on site across six residential buildings. As well as compressing the superstructure programme to 32 weeks, the approach held manufacturing tolerances to 5mm across the development. At the centre of the site is a £12 million student hub, designed to be net zero carbon in operation. Across four levels it provides individual and group study areas, social and welfare facilities, a landscaped garden lounge and a double-height events hall. A new pedestrian bridge and boardwalk will link the village to the university’s wider Leek Road site, where demolition will make way for accessible parkland targeting a 12% biodiversity net gain. The 1000-bed development also included the refurbishment of 300 rooms at The Swan Building, upgrading the living space and installing low-energy systems to improve the block’s energy performance. The work was programmed over the summer months so that the university retained its accommodation capacity and avoided any loss of room income. The DBFO model allows the university to spread the cost over a 50-year period while retaining flexibility during construction. Early engagement between the consortium and the university meant the scheme was delivered for the same £100 million agreed at the outset, with the entry cost and the exit cost matching. The project has also delivered wider social value for the local area, including 1,000 students engaged through education programmes, 500 weeks of careers support, community volunteering and charity initiatives and mental health awareness campaigns with Lighthouse Charity. Dan Doyle, delivery director at Willmott Dixon, said: “The ambition here was never simply to build more accommodation. It was to create an inclusive student community, with sustainable, future-ready buildings on a campus that attracts and retains students, and to support the university’s long-term plans for sustainability, wellbeing and growth. “Getting the superstructure up in 32 weeks came from taking the offsite decision early and holding to it, and that same early engagement is why the university has paid what it expected to pay. Pace and cost certainty together are what universities are asking of us.” Steve Rimell, chief financial officer at the University of Staffordshire, said: “We are delighted with the outcome of the Student Village project, and as CFO I am particularly pleased that it was delivered on time and on budget. The student hub is going to be extremely impactful for student amenities and wellbeing, and as a way of connecting the accommodation with our main campus. “Our students were involved from the start, helping to shape the design from the early stages, allowing us to create a new space for them that prioritises community, inclusion and wellbeing.” Ian Prescott, managing director (UK) at HOCHTIEF PPP Solutions, said: “The opening of the Student Village is the culmination of a fantastic partnership and a shared ambition to create an outstanding place for students to live. “Together, we’ve delivered a sustainable, modern development that will enhance the student experience for years to come while creating a lasting asset for the University and the wider Stoke-on-Trent community.” Dan Doyle continued: “This scheme is a strong example of what is possible when universities, developers and delivery partners come together with a shared vision and a collaborative approach.” The Student Village adds to Willmott Dixon’s higher and further education portfolio, which includes two major projects for Queen Mary University of London, the £48.8m School of Business and Management and the retrofit and extension of its Information Teaching Laboratory, the £19.3m first phase of Coleg Gwent’s Crosskeys Campus redevelopment in Newport, and Bridgend College’s net zero in operation town centre campus. The student village will welcome its first residents in time for the new student intake in September 2026. Building, Design & Construction Magazine | The Choice of Industry Professionals
Scotland Targets Private Investment to Unlock New Wave of BTR Development
Scotland is looking to attract greater levels of private investment into housing development, with Build to Rent identified as an important part of plans to accelerate the delivery of new homes across the country. The Scottish Government’s Programme for Government 2026–31 sets out plans for a new national housing agency, More Homes Scotland (MHS), which will bring together funding, expertise and delivery tools in an effort to remove barriers and get more housing projects moving. The agency is expected to be phased in from 1 April 2027. Central to the approach will be a strategic partnership between More Homes Scotland and the Scottish National Investment Bank (SNIB), designed to leverage additional private commercial capital for residential development. The partnership will look across different housing tenures, with Build to Rent specifically identified alongside affordable and social housing as an area capable of supporting increased delivery. The Government also wants the initiative to encourage new entrants into the market and support the growth of existing housing providers. For Scotland’s BTR sector, the announcement provides a potentially important new route for attracting institutional and private capital into projects at a time when the industry continues to face challenges around development viability, funding and the delivery of new housing at scale. More Homes Scotland will have a wider role in coordinating housing delivery and investment, strengthening regional collaboration and helping to align new development with economic growth priorities. The Government is also proposing further changes to the planning system aimed at speeding up development and helping projects progress from planning through to construction. The measures form part of a broader strategy to increase housing supply and improve investor confidence across Scotland. Alongside the increased focus on private capital, affordable housing remains a major part of Scotland’s housing programme. The Government has committed to delivering 111,000 affordable homes by 2032, with at least 70% intended for social rent. The establishment of MHS could therefore create a stronger link between public-sector housing priorities and institutional investment, opening opportunities for developers, investors, contractors and the wider construction supply chain. For Build to Rent in particular, the commitment is significant because it places the sector directly within the Government’s plans for increasing housing delivery rather than treating it solely as a specialist investment market. As More Homes Scotland begins to take shape ahead of its planned introduction from April 2027, attention will now turn to how its partnership with SNIB will translate private capital into viable development opportunities and, ultimately, new homes on the ground. Building, Design & Construction Magazine | The Choice of Industry Professionals
Hochiki’s ESP addressable range protects multi-storey college campus without disrupting teaching
Bournemouth and Poole College, the largest provider of further education and apprenticeships in the Dorset area, has installed Hochiki’s ESP addressable fire detection range across its four-storey site, protecting a diverse mix of teaching environments including IT suites, kitchens, workshops and engineering bays. The installation was specified and delivered by SFA Fire and Security, working closely with the college to design a system capable of handling the varied fire risks found across further education provision. Subjects such as catering, automotive maintenance, construction and engineering carry a higher risk of nuisance alarms from dust and fumes, while IT and digital media spaces rely heavily on electrical equipment. A tailored approach was needed to protect the site without interrupting learning. ESP’s common mounting base allowed SFA’s installers to work through the site using a single standard base across most devices, reducing the range of parts held on site and helping installation stay on schedule despite the complexity of the building. In kitchens and workshops, LPCB and VdS approved heat sensors were used to distinguish genuine fire risk from cooking activity and dust, reducing false alarms and protecting valuable teaching time. ESP’s textual identifier gives staff the exact location of an activated device, supporting fast and accurate evacuation decisions in a large site with high footfall. Wall-mounted VADs, certified to EN 54-23, added audio and visual alerts throughout the college, ensuring alarms reach staff and students regardless of location or impairment. Where cabling access was limited by drop beams, wireless technology was integrated onto the ESP loop, avoiding extensive drilling and preserving the building’s original structure. Naomi Fell, Projects Director at SFA Fire and Security, said: “This project presented numerous challenges due to the complexity of each room and storey within the college. Our extensive experience with Hochiki’s products, combined with the consistently positive feedback from our end-users, made Hochiki the clear choice for this project. We met the college’s stringent deadlines with minimal disruption to teaching and learning.” Ryan Baulcomb, Regional Sales Manager at Hochiki, added: “Hochiki and SFA have a strong, long-term partnership, built on years of successful projects together. This installation shows what that partnership can deliver on a genuinely complex site. We’re proud that our products continue to give installers and end-users the reliability and support they expect.” Bournemouth and Poole College now benefit from a fire detection system tailored to the specific demands of each corridor, room and storey across the site, with the flexibility to adapt as the college continues to grow. Learn how Hochiki products could help protect your educational building. Building, Design & Construction Magazine | The Choice of Industry Professionals
£350m Rackhams Revival Set to Bring 500 New Homes to Heart of Birmingham
A landmark former Birmingham department store is set for a major new chapter as Sphere Group advances plans for a £350 million mixed-use transformation of the Rackhams site in the heart of the city. The Birmingham-based developer, formerly known as Court Collaboration, is preparing to unveil its latest vision for the former department store and neighbouring buildings at One Temple Row and 43 Temple Row. More than 500 new homes are proposed alongside approximately 225,000 sq ft of modern office accommodation, with new retail, restaurants and cafés planned at street level. Sphere Group is acting as development partner for freehold owner Legal & General, with global architecture and design practice Gensler responsible for the mixed-use masterplan. Central to the proposals is the regeneration of a prominent but underused part of Birmingham city centre, combining new residential and commercial uses with improvements to the public realm. New public spaces are intended to create greater activity around the development and strengthen connections with the surrounding streets. The plans represent the latest evolution of proposals for the site. Earlier environmental scoping work examined the potential for a larger development of up to 650 homes and approximately 380,000 sq ft of offices. The emerging scheme retains a substantial residential component while reducing the amount of proposed commercial floorspace. Thomas Taylor, managing director at Sphere Group, said the developer was looking forward to presenting the plans and discussing them with Birmingham’s community. He described the project as urban regeneration centred around high-quality design, attractive public realm and new commercial spaces, with the potential to provide modern workplaces, homes, retail and improved public areas. The development is expected to represent approximately £350 million in gross development value and could support around 1,300 jobs, adding a significant new residential and employment component to the city centre. The transformation of Rackhams also sits within Birmingham City Council’s wider Central Heart vision, which seeks to rethink around 17 hectares of underused retail and commercial land within the city centre. The wider strategy reflects the changing role of UK city centres as traditional retail locations evolve towards more diverse neighbourhoods combining homes, workplaces, hospitality, leisure, culture and public space. For Birmingham, the Rackhams proposals could provide a significant example of that transition. Rather than allowing a major former retail landmark and its surrounding commercial buildings to remain underused, the project would introduce hundreds of residents alongside employment space and active ground-floor uses. With Gensler shaping the masterplan and Sphere Group leading the development on behalf of Legal & General, the £350 million scheme has the potential to become an important component of Birmingham’s next phase of city centre regeneration. Building, Design & Construction Magazine | The Choice of Industry Professionals
Starlight Secures £680m War Chest to Deliver More Than 6,000 UK BTR Homes
Starlight Investments has completed the closing of its second UK Build to Rent fund, securing £680 million in total capital commitments to support the acquisition and delivery of more than 6,000 rental homes across the country. The capital has been raised through Starlight UK BTR Fund II alongside ancillary investment vehicles, providing significant backing for the global real estate investor’s continued expansion within the UK purpose-built rental market. The fund is already partially deployed, with three major residential communities currently under construction. Two are located in Manchester, while a further development is progressing in Basildon, Essex. Among Starlight’s growing pipeline is Trinity Heights in Manchester, a 60-storey BTR tower approaching completion, alongside The Mercantile in Basildon and another major rental community under construction within Manchester’s Greengate neighbourhood. The latest fundraising represents another substantial injection of institutional capital into the UK’s rapidly expanding BTR development sector. Investors participating in Fund II include institutions from Europe, Asia-Pacific and Canada, combining existing Starlight investment partners with several new entrants. Significantly, the fund has also attracted government-backed investment. Earlier this year, the National Housing Bank, part of Homes England, committed £100 million as a cornerstone investor in Fund II. The investment is intended to help accelerate Starlight’s pipeline of rental housing in locations where housing supply remains constrained. Starlight’s strategy is focused on professionally managed rental communities across major regional cities including Manchester, Liverpool and Leeds, together with locations within the London commuter belt. Developments are being targeted towards areas with strong rental demand and access to employment, education and transport infrastructure. The company’s wider UK platform now comprises 12 BTR communities at various stages from development and construction through to leasing and operation. Starlight says its expanding pipeline is expected to place the business among the UK’s four largest BTR operators by scale as further developments become operational. Jonnie Milich, Head of UK Residential at Starlight Investments, said the closing would allow the business to concentrate on execution and the next phase of growth, supported by an established development pipeline and expanding UK team. The investment comes as institutional capital continues to play an increasingly important role in bringing forward large-scale rental housing. For the construction and residential development markets, Starlight’s £680 million capital raise provides substantial funding capacity for thousands of new homes, creating a significant future pipeline for architects, contractors, consultants and specialist supply chain businesses as schemes progress. Starlight has operated in the UK since 2020 and, as of May 2026, managed around 4,000 UK homes with approximately £1.1 billion of assets under management. Building, Design & Construction Magazine | The Choice of Industry Professionals