Patrizia and Man GPM have launched a joint venture to invest £100m into the UK’s affordable housing sector.
The jv comprises Patrizia’s Sustainable Communities fund and Man GPM, Man Group’s private markets business, which has an established presence in the UK affordable housing sector. Capital will be provided by Patrizia’s Sustainable Communities fund and Man Group, with Man GPM acting as operating partner.
The jv will forward-fund 70 long-term affordable rental homes in Milton Keynes. They will have a minimum EPC A rating and will target Home Quality Mark 4 and zero operational carbon.
Marleen Bikker-Bekkers, Patrizia’s head of European investments and Sustainable Communities fund manager, said: “Our jv combines deep knowledge of the English affordable housing sector with crucial institutional investment, enabling us to help deliver much-needed and highly sustainable housing for key workers and others on low to middle incomes within the community.
“By bringing together two teams that are focused on impact, the joint venture has the potential to deliver real social value, as well as attractive risk-adjusted returns, strengthening our purpose of building communities and sustainable futures.
“The launch of the jv marks an exciting next step in our ambition to house 10,000 people in affordable and social homes through our pan-European impact investment strategy.”
Shamez Alibhai, Man GPM’s managing director and head of community housing, said: “We hope this innovative joint venture will set a benchmark for delivering environmentally and socially sustainable housing developments.
“Our partnership with Patrizia is a key part of our ambition to try to address the profound lack of homes in which people can thrive. In the current economic environment, the need for housing options that connect communities has never been greater, so it’s fantastic to have a like-minded partner working side-by-side with our team.”
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews
