Vincent Tchenguiz is to set up a £500m fund to take advantage of the exodus from the buy-to-let sector. FT Weekend


Tchenguiz, with the Royal Bank of Scotland, is to create First UK Residential to buy large numbers of homes that will be let to people unable to get on the property ladder.

The company will buy homes off plan 18 months before completion and later let them under its brand name.

RBS and Tchenguiz will provide £100m in cash and debt and plan to float the vehicle as what could be the UK’s first residential REIT, when it reaches £500m.