Homes England, Capital&Centric and Swiss Life Asset Managers have entered into a joint venture to deliver over 2,250 homes in underinvested areas in England.
The Impact & Places Partnership will aim to deliver £860million of new homes over the next decade where demand for housing is most acute.
Homes England has a 40% stake in the joint venture under the terms of the agreement, with Swiss Life Asset Managers and Capital&Centric taking a combined 60% stake.
Swiss Life Asset Managers is a leading European asset manager and real estate investor with £259billion of assets under management that provides responsible and sustainable investment solutions for institutional and private investors.
Steve Reed, housing secretary, said: “We will get Britain building again by backing brilliant homegrown developers like Capital&Centric, and bringing in major institutional investors like Swiss Life Asset Managers, to build the homes this country desperately needs.”
“We are pulling every lever to fix the housing crisis and its exactly this kind of deal that will help us build the 1.5 million homes, faster, and in the communities that need them most.”
Simon Century, chief investment officer at Homes England, said: “Attracting institutional investment into the housing sector is critical to build the new homes the country needs and contributes to the government’s ambition to build 1.5 million new homes in this parliament.”
“This new joint venture aims to develop high-quality, mixed-use residential schemes and brings together Swiss Life’s real estate experience and expertise with Capital&Centric’s impressive residential-led placemaking focus.”
“Our investment in this joint venture is further evidence of our commitment to attract private capital into the residential market, while supporting small and medium developers to realise their own housebuilding ambitions.”
Jan Plückhahn, head of real estate at Swiss Life Asset Managers, said: “We look forward to bringing our financial strength and expertise, as one of Europe’s longest-standing financial institutions, to the partnership.”
Tom Wilmot, joint managing director of Capital&Centric, said: “The strategy is all about delivering high quality neighbourhoods in a range of locations, not just core cities but also under-invested locations where the impact story is more compelling and the supply and demand dynamics are more favourable.”
