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Social impact investor buys affordable homes in country’s tallest residential tower
Social landlord Poplar Harca will manage 35 shared ownership homes in Canary Wharf, east London, which were purchased by a social impact investor.
Funding Affordable Homes (FAH), which invests in UK affordable housing, spent £11m buying 35 apartments in the 75-storey Landmark Pinnacle building from City Pride.
Poplar Harca, which owns and manages 9,000 homes in London, has entered into a management agreement with Funding Affordable Homes Housing Association (FAHHA), the housing association owned by FAH.
The acquisition follows an earlier deal between developer City Pride and FAH for 173 affordable homes at the nearby Island Point development in March, in a deal worth £28.8m.
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Edmond de Rothschild Real Estate Investment Management served as investment advisor on the deal for FAHHA.
FAH has so far acquired around £170m of socially beneficial housing projects in London, the East and South of England.
The organisation typically provides forward funding to enable new properties to be built and managed by established registered providers of housing, but it also owns and utilises its own housing association, FAHHA.
Paul Munday, fund manager of FAH, said: “The quality of the scheme is exemplary, as evidenced by the volume of sales interest, despite the challenging times we all face.
“This is further evidence of the sustained demand and need for good-quality affordable housing across the UK.
“The projects at Landmark Pinnacle and Island Point represent our single largest investment to date and provide much needed subsidised rented and shared ownership housing in east London.”
