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A New York and London-based real estate investment fund has established a new for-profit registered provider (RP), which is to be chaired a veteran housing association chief executive.
More than two years after first submitting an application to the Regulator of Social Housing (RSH), MP Living, a subsidiary of investment fund Meadow Partners, has been approved as a new social housing provider.
The new RP will be chaired by Tom Dacey, who was chief executive of Southern Housing Group for more than 20 years.
Meadow Partners has a development affiliate named Meadow Residential, which made headlines in 2018 when it was embroiled in a dispute over the ground of Dulwich Hamlet Football Club (DHFC) in south London.
The dispute centred around planning permission for the site, which is owned by Meadow, and led to DHFC being temporarily evicted from its ground.
Meadow Residential has now received planning permission to build 219 homes on the site, alongside a new stadium for Dulwich Hamlet.
MP Living will focus on acquiring properties as Meadow develops new sites, as well as purchasing existing homes that become available in the private and affordable market.
The fund is the latest in a series of large private investors to set up registered providers.
Others include Blackstone, which owns registered provider Sage, and Legal & General, which set up a registered provider called Legal & General Affordable Homes.
Meadow Partners said its investment in the sector will help tackle the shortage of affordable housing in London and the South East.
Mr Dacey said: “I am delighted that registration has finally been granted after a long period in gestation for this project.
“I became involved with MP Living because I saw it as an exceptional opportunity to combine best practice in both the private and housing association sectors, as well as introducing new investment into the affordable housing sector. I look forward to us delivering new, much-needed homes.”
Andrew McDaniel, one of founding partners of Meadow, said: “Meadow has been operating in and committed to London for many years, and becoming a RP is the next step in our mission to invest in the UK’s housing market.
“As we spend more time in our homes than ever before, the importance of a strong housing supply across the UK has never been more apparent. This is true across all tenure types of homeownership and occupation.
“We’re thrilled that the Regulator of Social Housing has approved our application to provide affordable housing in the UK. We look forward to building and acquiring completed new homes and growing our portfolio of mixed-tenure communities across the capital and the wider South East.”
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