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Qatari sovereign wealth fund enters sector with new for-profit RP
A new for-profit provider backed by Qatar’s sovereign wealth fund and several other institutional investors has completed the registration process with the English regulator.
T3 Residential, which is backed by investment from Qatari Diar, is one of three new for-profit providers to be registered on 1 June, according to a data released monthly by the Regulator of Social Housing (RSH).
Qatari Diar is a real estate firm owned by Qatar Investment Authority, the emirate’s sovereign wealth fund that holds around £250bn worth of assets.
It also has backing from Dutch public pensions firm APG and Jersey-registered DOOR SLP, which is a joint venture between British property firm Delancey and global real estate investor and asset manager Oxford Properties.
The backers are the same as the investors in UK build-to-rent developer Get Living, which is currently building homes as part of the Elephant and Castle town centre development on the site of the former shopping centre.
A spokesperson for T3 told Inside Housing that the new for-profit will initially hold the 172 affordable rental homes in phase two of the Elephant and Castle redevelopment.
The homes, which are being delivered using grant from the Greater London Authority (GLA), will be a mix of discounted market rent, London Living Rent and “social rent equivalent”, the spokesperson said.
Get Living currently has approximately 600 affordable homes planned within existing and future neighbourhoods, the spokesperson added.
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Another for-profit provider, Storm Housing Group, was registered with the RSH on the same day.
The landlord has set itself a target of acquiring 1,000 homes across the UK per year and aims to deliver 5,000 by 2027.
To help deliver these targets, it has so far raised over £100m of annual investment from social impact investment funds to acquire and build out new homes.
The company already provides homes in Stoke, and has a pipeline of developments across the Midlands and Lincolnshire.
Sam Roden, managing director of Storm Housing Group, said the new registered provider status will enable the company to realise its vision of creating new, high-quality, sustainable homes and to create a lasting legacy of social housing for people throughout the UK.
Savills supported Storm on the registration process.
Square Roots, which was set up by developer London Square last year, was the third firm to be approved as a for-profit provider on 1 June.
The organisation said it aims to secure £1.5bn in funding to deliver more than 3,500 new affordable homes over the next six years to help tackle the capital’s housing shortage.
The latest registrations follow a trend that started in 2018 of institutional investors entering the social housing sector.
Earlier this month, a US bank’s investment arm bought a stake in London-based Flint Housing. The association said the deal with Morgan Stanley Real Estate Investing will help fund its housebuilding ambitions.
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