The new avenue living fund focuses on providing homes that are all situated within close commuting distance of major Scottish city centres. The fund’s homes are managed by Touchstone, a Places for People Group company.

William Kyle, MMR fund director for PfP Capital said: 'We’re delighted to have delivered these high-quality homes to local areas through New Avenue Living, which goes some way to mitigating the shortage of affordable rental stock in key locations in Scotland.

'This shortage is exacerbated by a backdrop of steeply rising house prices and market rents, driven in part by a lack of new build homes in recent years. There remains a critical deficit of affordable housing, particularly for those who are unable to save for a large deposit, do not qualify for social housing or face long waits for housing, given high demand.'

Since launch in 2019, a total of nine sites have been acquired with planning for 1,071 homes within Edinburgh, Leith, Glasgow, Paisley, and Midlothian. More are being sought to increase the total to 1,500 affordable homes.

All homes in the portfolio are targeting an EPC rating of B or above and PfP Capital have adopted additional social impact and ESG (Environmental, Social and Governance) metrics to ensure strong social impact benefits for residents alongside strong and stable returns for investors.

Mark Vickery, director of business development for PfP Capital said: 'PfP Capital’s activities enable the recycling of our profits back into the Places for People Group, who is able to use this income to directly create further social value in its role as a leading social enterprise in the UK.

'Our particular approach has led to discussions with interested parties in Scotland and across the UK to enable us to increase the speed, scale and geographic spread of our social impact via our range of strategies, including the provision of high-quality affordable homes.'