KKR and Puma Property Finance have formed a strategic joint venture that could provide up to £500m in lending for residential development projects across the UK.
The partnership will focus on senior development and stabilisation loans supporting schemes in the living sector, including build-to-rent, build-to-sell and purpose-built student accommodation. The platform will target loan sizes between £20m and £75m.
Both firms say the initiative aims to increase access to capital for experienced developers delivering projects in housing markets where supply remains tight.
The venture combines Puma’s established lending platform with KKR’s global credit capabilities and structuring expertise. A major international bank will support the platform through a senior credit facility.
Structured as a three-year forward-flow partnership, the programme will concentrate on funding projects in the UK living sector where institutional capital continues to play a growing role.
Since launching in 2012, Puma Property Finance has provided more than £2bn in real estate-backed loans across the UK. The lender has built relationships with developers and sponsors operating in the residential and student accommodation markets.
Through the new partnership, Puma expects to expand its lending capacity in the £20m-plus segment, where demand for funding continues to exceed available supply.
Industry data also highlights sustained investor interest in housing-related sectors. UK living sector assets attracted £12bn of investment during 2025, while non-bank lenders accounted for 57% of all commercial development lending during the same period.
Anirban Ghosh, managing director at KKR, said the venture will support developers delivering new homes across the country.
"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. "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 development lending team will source, underwrite and manage loans for the joint venture, while KKR’s global credit platform will provide capital, structuring support and investment committee oversight.
The partnership follows a period of expansion for Puma Property Finance. Over the past year the lender passed the £2bn mark for loans issued and launched the first close of the Puma Real Estate Secured Credit Fund.
Paul Frost, managing director at Puma Property Finance (pictured), said the collaboration strengthens the firm’s ability to support developers across the UK living sectors.
"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."
Advisers supported the transaction, with Ashcombe Advisers and Greenberg Traurig acting for Puma.
