AND Capital and Forshaw plan $250 million North of England housing fund

AND Capital Ventures and Forshaw Land & Property Group have signed a letter of intent to create a closed-ended residential development and investment fund of up to $250 million focused on the North of England. The proposed vehicle aims to back regeneration-led housing projects as institutional capital continues to target Manchester and surrounding markets.

Why it matters: - The proposed fund could channel up to $250 million into residential development and investment across the North of England. - The vehicle is designed to back markets facing housing undersupply and regeneration-led demand. - The partnership pairs capital formation with local development execution, a model that can help move projects from pipeline to delivery.

What happened: - AND Capital Ventures signed a letter of intent with Forshaw Land & Property Group to form a new closed-ended fund. - The fund is expected to focus on residential development and investment across the North of England. - The target size is up to $250 million, or £185 million. - The announcement was made in Manchester on August 13, 2026.

The details: - The proposed vehicle will target residential-led development, build-to-sell, private rented sector, and select mixed-use opportunities. - AND Capital will contribute institutional capital formation and fund structuring expertise. - Forshaw will contribute a vertically integrated development platform that covers site sourcing, development management, construction, lettings, and property management. - Under the letter of intent, Forshaw will lead pipeline generation, site origination, development execution, and day-to-day asset-level delivery. - AND Capital will lead fund formation, institutional capital raising, and investor relations. - The two firms will jointly pursue limited partner recruitment and share in management fee and performance fee arrangements. - The parties plan to negotiate a definitive fund structure over the coming months. - The fund is expected to be a closed-ended vehicle domiciled to serve both UK and international institutional investors. - Completion depends on due diligence and definitive documentation. - Teruel Carrasco, CEO of AND Capital Ventures, said Manchester is attracting sustained institutional demand and a regeneration pipeline measured in the billions. - Lyndon Forshaw, CEO of Forshaw Land & Property Group, said the partnership should allow the company to scale project volume and expand into new asset classes. - David Chung, head of capital formation at AND Capital Ventures, said Forshaw has spent nearly 20 years building a track record that institutional capital can underwrite.

Between the lines: - The deal reflects growing investor interest in regional UK housing markets, especially where regeneration and supply shortages support demand. - Manchester is emerging as the anchor market in the strategy, with both firms framing the city as a magnet for capital and development talent. - The structure suggests AND Capital wants to use local operating expertise to lower execution risk while giving investors access to a regional development pipeline. - Forshaw appears to gain institutional backing that could broaden its project mix beyond traditional SME-scale development.

What's next: - The firms will work toward a definitive fund agreement in the coming months. - Final launch remains subject to due diligence and final documentation. - If completed, the fund could expand Forshaw’s ability to deliver more housing, larger high-rise developments, hotel projects, and mixed-use assets. - The platform will continue seeking limited partners for the vehicle as the structure is finalized.

The bottom line: - AND Capital and Forshaw are trying to turn Manchester’s regeneration story into an investable regional housing platform with institutional backing.