KKR and Puma Property Finance announced a strategic joint venture that will provide up to £500 million in senior development and stabilization loans to support residential, build-to-rent, and student housing projects across the UK.

The three-year partnership will target loans ranging from £20 million to £75 million to finance high-quality developments in supply-constrained housing markets. The platform combines Puma’s UK real estate lending and deal-origination capabilities with KKR’s global credit platform, institutional capital and structuring expertise.

Puma’s lending team will source and manage the loans, while KKR’s private credit funds will provide capital and investment oversight. The initiative aims to expand access to institutional financing for developers amid strong demand for housing and increasing reliance on non-bank lenders in UK development finance.