Hearthstone has acquired a small team from Mill Group

Mill Group Residential (“Mill Group”) and Hearthstone Investments PLC (“Hearthstone”) announce that Hearthstone has acquired a small team and associated intellectual property from Mill Group’s residential fund management business. The transaction does not affect any of Mill Group’s existing property assets or management contracts and relates to a future institutional private-rented sector fund. The team members transferred were Andrew Smith, Richard Otten and Cristoforo Rocco.

Contact information:

For Mill Group enquiries: Simon Phillips /David Toplas -  020 7930 8600

For Hearthstone enquiries: Christopher Down – 0203 301 1300

About Mill Group

Mill Group is a real estate investment, development and management group that has specialised in the residential and infrastructure sectors in the UK.

Since 1994, Mill Group has invested along-side several leading financial institutions and worked with leading contractors and architects to deliver successful, practical and beneficial property and infrastructure projects, with specific responsibility for origination and fund, asset and debt management, as well as property development.

The private rented sector remains a key strategic focus for Mill Group where we own and manage a £50m portfolio of newly built, rented houses and flats across 5 sites in the South East of England, via a joint venture with Bovis Homes with funding from the HCA’s Build to Rent Fund.

About Hearthstone

Hearthstone is a specialist residential fund manager which creates and manages investment funds in UK residential real-estate.

In 2012, Hearthstone launched the UK’s first residential Property Authorised Investment Fund, allowing private investors and institutions to invest in a diverse portfolio of private-rented sector (PRS) assets. One of the earliest investors in the fund was Islington Council Pension Scheme, who selected Hearthstone to manage a £20m investment mandate following a competitive tender process.

Following the success of the first fund, in 2014 Hearthstone launched the “Housing Fund for Scotland”, a closed ended institutional fund, following the award of a £30m mandate from Falkirk Council Pension Scheme. The fund, which is aimed at institutional investors, invests in Scottish housing on a variety of tenures, with a particular focus on affordable housing.

Hearthstone is an independent business with strategic investment backing from Places for People, one of the largest UK housing associations, and Connells, the property services group.

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