The UK’s new Build To Rent initiative, which sees institutions fund and manage purpose-built accommodation for the Private Rented Sector (PRS), has received its second big investment in as many days.

Grainger plc, the UK’s largest listed residential landlord, has revealed it is going to spend some £850 million on Build To Rent between now and 2020.

The move follows Legal & General Capital’s announcement that it plans to spend £600m on over 3,000 new homes in the sector.

Helen Gordon, Grainger’s new chief executive, said: “It is clear that swift and decisive action is required to capitalise on the compelling PRS market opportunity and to enable Grainger to realise its potential of being the UK’s leading private landlord.”

The company’s trading statement to the City this morning appears to herald a restructuring of Grainger to ensure it can quickly get a share of the growing market.

The announcement says the firm will “re-allocate development team resources to deliver new PRS stock” and “refocus the acquisitions team to improve access and conversion of PRS opportunities”.

Last week, Ms Gordon revealed that Grainger’s Build To Rent offer would include tenancies from six months to three years in duration.