You are viewing 1 of your 1 free articles
Property fund strikes second housing association deal
A Bristol-based housing association has formed a partnership with Cheyne Social Property Impact Fund, the second deal the fund has done with a housing association.
The housing association, United Communities, which manages more than 1,800 homes in the Bristol area and Swindon, will jointly fund the development of 161 new homes, 70% of which will be at sub-market rents.
Bristol & Bath Regional Capital, a community investment company, is also a partner on the project. The homes are set to be built in north Bristol and will include six different tenure types.
Shamez Alibhai, partner and portfolio manager at Cheyne, said: “Seventy per cent of the homes in this high-quality, beautiful development will be offered at a discount to market and will also include an innovative Rent to Buy offering that aims to get young people on the housing ladder within five years.
“Cheyne has proven again that socially responsible capital working together with housing associations, councils and the community can accelerate the delivery of high-quality, affordable and inclusive homes and tackle the housing challenge in the UK.”
READ MORE
Cheyne’s only previous deal with a housing association was struck with South Yorkshire Housing, a leaseback deal believed to be worth £25m.
It is a £900m property investment fund offering organisations finance based on 20-year lease agreements, with associations paying index-linked rent to the fund.
Oona Goldsworthy, chief executive of United Communities, said: “The deal brings this new development in Southmead even closer, making a real impact on the housing crisis in Bristol. The community has been an amazing support throughout.”
Marvin Rees, mayor of Bristol, added: “This is positive news for Bristol and Southmead. My administration is already working hard to tackle the housing crisis, and this new sustainable housing scheme will play a vital role in this.”
