KKR and Puma Property Finance Form Strategic Joint Venture of up to £500m to Expand UK Living Sector Lending
KKR and Puma Property Finance have formed a joint venture to provide up to £500 million in senior development and stabilisation loans for residential, build-to-rent, and student accommodation projects in the United Kingdom.
Joint venture will target loans of £20m to £75m to fund best-in-class projects in the residential, BTR and PBSA sectors
9 March 2026, LONDON –KKR, a leading global investment firm, and Puma Property Finance (“Puma”), a specialist UK real estate lender, today announced the formation of a joint venture between Puma and private credit funds, clients and accounts managed or advised by KKR to provide up to £500 million in senior development and stabilisation loans to fund best-in-class residential, Build-To-Rent and student accommodation schemes, providing scaled access to capital in undersupplied UK housing markets.
The joint venture combines Puma’s established origination platform and track record in UK real estate lending, with KKR’s scale, institutional structuring capabilities and global credit expertise. The platform will be supported by a senior credit facility provided by a major international bank.
The three-year forward-flow partnership will target loans of £20 million to £75 million in the UK living sector, including build-to-rent, build-to-sell and purpose-built student accommodation. The platform is designed to support experienced developers delivering high-quality projects in supply-constrained markets.
Since inception in 2012, Puma Property Finance has provided approximately £2 billion of UK real estate-backed loans and has developed longstanding relationships with sponsors across the residential and student accommodation sectors.
The newly formed strategic partnership will enable Puma to expand its capacity in the £20 million-plus loan segment, where demand for institutional capital continues to outpace supply. It also illustrates the enduring appeal of the UK living sectors, which attracted investment of £12bn throughout 20251. Demand for funding is reflective of the continued shift towards non-bank lenders in UK development finance, which together accounted for 57% of all commercial development lending last year2.
9 March 2026, LONDON –KKR, a leading global investment firm, and Puma Property Finance (“Puma”), a specialist UK real estate lender, today announced the formation of a joint venture between Puma and private credit funds, clients and accounts managed or advised by KKR to provide up to £500 million in senior development and stabilisation loans to fund best-in-class residential, Build-To-Rent and student accommodation schemes, providing scaled access to capital in undersupplied UK housing markets.
The joint venture combines Puma’s established origination platform and track record in UK real estate lending, with KKR’s scale, institutional structuring capabilities and global credit expertise. The platform will be supported by a senior credit facility provided by a major international bank.
The three-year forward-flow partnership will target loans of £20 million to £75 million in the UK living sector, including build-to-rent, build-to-sell and purpose-built student accommodation. The platform is designed to support experienced developers delivering high-quality projects in supply-constrained markets.
Since inception in 2012, Puma Property Finance has provided approximately £2 billion of UK real estate-backed loans and has developed longstanding relationships with sponsors across the residential and student accommodation sectors.
The newly formed strategic partnership will enable Puma to expand its capacity in the £20 million-plus loan segment, where demand for institutional capital continues to outpace supply. It also illustrates the enduring appeal of the UK living sectors, which attracted investment of £12bn throughout 20251. Demand for funding is reflective of the continued shift towards non-bank lenders in UK development finance, which together accounted for 57% of all commercial development lending last year2.
“We are pleased to work with Puma Property Finance to scale access to institutional capital in the UK residential development market,” said Anirban Ghosh, Managing Director at KKR. “We believe this platform is well positioned to support experienced developers delivering much-needed housing across the country, combining Puma’s local expertise and origination capabilities with KKR’s global credit platform and disciplined underwriting approach.”
Puma’s specialist development lending team will be responsible for sourcing, underwriting and managing the loans on behalf of the joint venture, working alongside KKR’s global credit platform, which will provide institutional capital, structuring expertise and investment committee oversight. The strategic partnership with KKR caps a stellar last 12 months for Puma, which saw it exceed £2 billion of loans provided to date, as well as announcing the first close of Puma Real Estate Secured Credit Fund.
Paul Frost, Managing Director of Puma Property Finance, commented:
“We are delighted to be working with KKR. KKR’s global standing is second to none, and their backing is a clear endorsement of the strength of the business we have built at Puma, as well as the robust demand for UK real estate credit among global allocators of capital.
“This new joint venture provides our origination teams with access to attractively priced, scalable capital to support best-in-class developers across the UK living sectors. It complements our existing capital lines well and means we can support more high ‑ quality developments with the service levels, flexibility and human touch that people have come to expect from Puma.”
Puma was advised by Ashcombe Advisers and Greenburg Traurig.
-END-
Notes to Editors:
Notes to Editors:
Sources:
Media contact
Mark Dixon, Puma Property Finance
mark.dixon@pumacapitalgroup.co.uk | +44 (0)797 746 8870
Emma Black, KKR
About Puma Property Finance
Puma Property Finance provides reliable and flexible funding solutions to experienced property professionals across the UK, delivering loans of £10 million to £100 million (with potential to lend more by exception). Puma has a strong track record in the living sectors as well as operational real estate including care homes, student accommodation and hotels.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
Disclaimer
Disclaimer
Any reference to lending is to the loans made by the clients of Puma Property Finance Limited that conduct unregulated lending, including Heritage Square Limited, Oasis Lending LLP and PRESC LendCo I S.à.r.l. Puma Property Finance Limited supports these clients in the origination, execution, and monitoring of such loans.
Puma Property Finance Limited is a private limited company registered in England and Wales under Company number 11685426. Registered office address: Cassini House, 57 St James's Street, London SW1A 1LD. Puma Property Finance Limited is not authorised or regulated by the Financial Conduct Authority, (“FCA”). Puma Property Finance Limited activities do not constitute regulated investment business. As such, clients of Puma Property Finance Limited will not be afforded the protections available under the rules of the FCA and will not be eligible for compensation under the rules of the Financial Services Compensation Scheme (“FSCS”).
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KKR
New York, United StatesKKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
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