Puma Property Finance and KKR launch €585m UK living sector JV

Puma Property Finance and KKR have formed a joint venture with up to £500 mln (€585 mln) in funding for high-quality BTR and PBSA projects across the UK.

UK residential - Puma Property Finance

The initiative seeks to address the significant demand for capital in the UK's undersupplied housing markets. Leveraging KKR's institutional scale and global credit expertise, the platform will be supported by a senior credit facility from a major international bank.
This three-year forward-flow partnership will focus on loans ranging from £20 mln (€23.4 mln) to £75 mln (€87.75 mln). It's designed to assist experienced developers in delivering top-tier projects in areas where housing supply is constrained.
Since its establishment in 2012, Puma Property Finance has extended over £2 bn (€2.34 bn) in UK real estate loans. This new collaboration with KKR will enable Puma to significantly increase its capacity in the crucial £20 mln+ (€23.4 mln+) loan segment, where demand for institutional capital continues to exceed supply.
The partnership also underscores the strong appeal of the UK living sectors, which attracted £12 bn (€14.04 bn) in investment in 2025. This demand for non-bank funding reflects a broader trend, with non-bank lenders accounting for 57% of all commercial development lending in the UK last year.
Puma's specialised development lending team will handle the sourcing, underwriting, and management of loans for the joint venture. KKR's global credit platform will provide the institutional capital, structuring expertise, and investment committee oversight. This strategic partnership follows a successful year for Puma, during which it surpassed £2 bn (€2.34 bn) in total loans provided and completed the first close of its Puma Real Estate Secured Credit Fund.
Anirban Ghosh, managing director at KKR, said: “We are pleased to work with Puma Property Finance to scale access to institutional capital in the UK residential development market. 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."
Paul Frost, managing director of Puma Property Finance, commented: “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.”