Hearthstone Investments, the specialist residential property fund manager, has secured a second seed investment for the newly launched TM Hearthstone UK Residential Property Fund, attracting up to £15 million (€TK million) in backing from Bovis Homes. An initial transaction of 30 properties, amounting to around half the total deal value, will be invested into the fund immediately.

The transaction follows a £22.5 million (€27.9 million) deal with Barratt Developments announced in July. Bovis Homes will contribute some of its showhome stock into the fund. These will then be licensed back, providing the fund with immediate income from a diverse portfolio of assets. Eventually the properties will be let to private tenants o