Residential fund manager QSix has launched a rental business targeting single family housing.
QSix has appointed shared-ownership expert Nick McAlpine-Lee as chief executive of the new venture Rezide.
The business will channel institutional investment into housing as shared ownership or PRS via partnerships with housebuilders. It will focus on two-, three- and four-bedroom houses on sites across England, excluding London.
McAlpine-Lee (pictured) co-founded and led the UK’s largest shared-ownership provider Heylo and oversaw the creation of 5,000 homes in more than 200 local authority areas over five years.
He is joined by former Redrow chief executive Neil Fitzsimmons as non-executive chair. Fitzsimmons is currently a non-executive director at the Home Builders Federation and spent 12 years as chief executive at Redrow and five years as chief executive at Avant Homes in Scotland.
Hyde Housing NED Lynn Gilbert has been appointed non-executive vice-chair of Rezide. Gilbert has more than 30 years’ experience in real estate, heading up financing teams at institutions including M&G, Barclays Capital and Morgan Stanley.
McAlpine-Lee said: “Our mission is simple: to boost the supply of quality new-build family homes in England and to help make the aspiration of home ownership a reality for more people.
“Rezide will create greater opportunities with improved ways to rent a home and bring homebuyers into the housing market by giving more people the opportunity to buy a share of their home. In doing so, we will develop new additional housing in partnership with high-quality home builders, helping to accelerate the delivery of the houses we need for the future.”
Mike Hilton, chief executive of QSix, added: “Bringing forward much-needed new family homes in both rented and affordable home ownership formats offers attractive risk-adjusted returns for institutional investors at a time of great interest in the residential asset class.”
QSix is a specialist real estate asset manager with £1bn of AUM. It has headquarters in London, with offices in Germany and the Netherlands. The affordable housing team is investment manager for a portfolio of affordable housing in London, let to local authorities to reduce homelessness.
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