Three more big names are piling into the UK’s fledgling private rented housing sector.

Savills, LaSalle Investment Management and Grosvenor are each working up plans to create vehicles that would invest hundreds of millions of pounds in tenanted residential property across the country.

Savills is putting together a portfolio of mainly regional sites to seed a fund of around £250m. It is working with housing associations A2Dominion and Great Places.

Savills director Philip Callan said that the proposals had been put to the Homes and Communities Agency, which is spearheading the private rented sector initiative.

He said: “We are assessing sites across the UK to create a portfolio of investment opportunities, and anticipate that opportunities will be firmed up over the summer.”

Savills is expected to take a 20% equity stake in the vehicle and will seek co-investors.

LIM is working with Fairbridge Residential Investment Management to examine plans to raise £200m.

Grosvenor, which manages a £40m UK residential fund, is in talks with institutional investors about a new vehicle.

The LIM and Savills proposals could complete the line-up of four “front-runners” alluded to by the HCA in December, when chief executive Sir Bob Kerslake said that more than £1bn would be invested by new funds this year.

Aegon Asset Management and Terrace Hill are already working on a £300m vehicle, while Aviva Investors, CB Richard Ellis and Seattle-based residential management firm Pinnacle are soon to launch a £1bn fund.