Acting for Dandara Group, the deal will see the development of over 2,000 high quality rented apartments. The transaction is the latest sign that PRS can bring in substantial additional housing and become recognised as an institutional asset class.

The portfolio, which sees support from the Homes & Communities Agency (HCA) and HSBC Bank PLC, will deliver 995 apartments in Manchester, 744 in Leeds and 323 in Birmingham to create a PRS portfolio with an estimated GDV in excess of £400m.

The developments will help meet demand for rented homes and directly supports the Government's £3bn Home Building Fund, which is intended to help to build more than 25,000 new homes and up to 200,000 in the longer term.

The Addleshaw Goddard team was led by Head of Funds and Indirect Real Estate and joint Head of the Real Estate Sector, Lee Sheldon, alongside Peter Sayer (Commercial Tax), Peter Hardy (Real Estate), Paul Salsbury (Finance) and a team of dedicated associates from across the firm's practice areas.

Lee Sheldon, stated: "We were delighted to advise Dandara on the establishment of this PRS platform which will help meet continuing demand for rented homes. It’s no surprise that these developments will be created in Leeds, Birmingham & Manchester – cities which have growing rental populations and are already welcoming PRS developments.

"With the Housing Minister's announced support for these schemes, it emphasises the potential PRS has to vastly improve standards in housing and crucially, how the sector could deliver much needed additional housing supply.

"The shift towards a professionally run rental market – with developments owned by single companies rather than multiple speculators and buy-to-let investors – promises to offer Britain’s nine million renters higher standards, better value and greater transparency with homes purposefully designed for renters."

Dandara Living will manage the letting and ongoing management of each development using in-house teams based within purpose-built facilities at each site.