Investment manager Bridges Ventures has backed residential developer HUB with the first deployment from its £120m fund.
The social impact investor has ploughed around £30m from Bridges Property Alternatives into £200m of HUB projects, which will include the delivery of 463 homes in London.
BPA, which has identified affordable housing as a main area of investment, has paid £11m to buy 150,000 sq ft office block Chesterfield House in Wembley to build 250 flats in a £90m project.
In Hayes, west London, the fund has spent £9m on land at the Old Vinyl Factory for a £80m scheme comprising 213 flats.
Bridges will partner with HUB to deliver the projects for 2016.
The vehicle has also bought the 45,000 sq ft Barclays House in Leeds for around £10m and plans to refurbish the property.
Bridges Property Alternatives, which also invests in healthcare, education, and small and medium-sized business space, had a first £120m close in April.
It is looking to raise a total of £250m by the end of the year.
The fund’s total firepower will expand to £500m including debt that is secured on a project-led basis.
joanna.bourke@estatesgazette.com
